SUGGESTED SOLUTIONS TO CHAPTER 5 PROBLEMS

3. Suppose the quote on British pounds is $1.624-31. a. If you converted $10,000 to British pounds and then back to dollars, how many dollars would you end up with? Answer. For $10,000, you would buy pounds at the price of $1.631, giving you £6,131.21 ($10,000/1.631) and resell them at … ................
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