A bottle of wine made in the European Union sells for €81. Suppose the exchange rate of U.S. dollars for euros changes from $1.00 = €0.85 to $1.00 = €0.63. What has happened to the cost of the bottle of wine in the U.S.? That is, what is the change in the cost of the bottle of wine for consumers in the U.S. in dollars? Provide your answer in dollars rounded to one decimal place. Use a negative sign "-" for negative values. Do not include any symbols, such as "$,"",""%," or "." in your answer.
A bottle of wine made in the European Union sells for €81. Suppose the exchange rate of U.S. dollars for euros changes from $1.00 = €0.85 to $1.00 = €0.63. What has happened to the cost of the bottle of wine in the U.S.? That is, what is the change in the cost of the bottle of wine for consumers in the U.S. in dollars? Provide your answer in dollars rounded to one decimal place. Use a negative sign "-" for negative values. Do not include any symbols, such as "$,"",""%," or "." in your answer.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:A bottle of wine made in the European Union sells for €81. Suppose the exchange rate of U.S.
dollars for euros changes from $1.00 = €0.85 to $1.00 = €0.63. What has happened to the cost of
the bottle of wine in the U.S.? That is, what is the change in the cost of the bottle of wine for
consumers in the U.S. in dollars? Provide your answer in dollars rounded to one decimal place.
Use a negative sign "-" for negative values. Do not include any symbols, such as "$," "=," "%," or
"." in your answer.
Your Answer:
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