A bank in London, Ontario charges 3.25% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.3351. a. How many Canadian dollars will you receive from the bank if you sell US$1,370? Round to the nearest cent b. How much commission will you pay the bank for this transaction?
A bank in London, Ontario charges 3.25% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.3351. a. How many Canadian dollars will you receive from the bank if you sell US$1,370? Round to the nearest cent b. How much commission will you pay the bank for this transaction?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![A bank in London, Ontario charges 3.25% commission to buy and sell currencies.
Assume that the current exchange rate is US$1 = C$1.3351.
a. How many Canadian dollars will you receive from the bank if you sell US$1,370?
Round to the nearest cent
b. How much commission will you pay the bank for this transaction?
Round to the nearest cent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a1535c1-86e2-4ba1-b2ab-7d0c9771ef4f%2F0ef30042-e1cb-4ee3-a65c-cc28c38d4072%2F1g8gxek_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A bank in London, Ontario charges 3.25% commission to buy and sell currencies.
Assume that the current exchange rate is US$1 = C$1.3351.
a. How many Canadian dollars will you receive from the bank if you sell US$1,370?
Round to the nearest cent
b. How much commission will you pay the bank for this transaction?
Round to the nearest cent
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