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Christopher planned to travel to Australia from Canada and purchased 6,000 Australian dollars. A week later, he decided to cancel his trip and wanted to convert his Australian dollars back to Canadian dollars, at the same bank. Assume that the bank charged commission of 0.50% to sell and 0.75% to buy currencies and assume that the exchange rate was C$1 = A$ 1.0295. a. How many Canadian dollars would Christopher receive after the conversion? $5,784.36 E Round to the nearest cent b. How much did he gain or lose by converting the money twice? (click to select) $0.00 X

Christopher planned to travel to Australia from Canada and purchased 6,000 Australian dollars. A week later, he decided to cancel his trip and wanted to convert his Australian dollars back to Canadian dollars, at the same bank. Assume that the bank charged commission of 0.50% to sell and 0.75% to buy currencies and assume that the exchange rate was C$1 = A$ 1.0295. a. How many Canadian dollars would Christopher receive after the conversion? $5,784.36 E Round to the nearest cent b. How much did he gain or lose by converting the money twice? (click to select) $0.00 X

Essentials Of Investments
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
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Christopher planned to travel to Australia from Canada and purchased 6,000 Australian dollars. A week later, he decided to cancel his trip and wanted to convert his Australian dollars back to Canadian dollars, at the same bank. Assume that the bank charged commission of 0.50% to sell and 0.75% to buy currencies and assume that the exchange rate was C$1 = A$ 1.0295. a. How many Canadian dollars would Christopher receive after the conversion? $5,784.36 Round to the nearest cent Question 1 of 6 b. How much did he gain or lose by converting the money twice? (click to select) Round to the nearest cent $0.00
Transcribed Image Text:Christopher planned to travel to Australia from Canada and purchased 6,000 Australian dollars. A week later, he decided to cancel his trip and wanted to convert his Australian dollars back to Canadian dollars, at the same bank. Assume that the bank charged commission of 0.50% to sell and 0.75% to buy currencies and assume that the exchange rate was C$1 = A$ 1.0295. a. How many Canadian dollars would Christopher receive after the conversion? $5,784.36 Round to the nearest cent Question 1 of 6 b. How much did he gain or lose by converting the money twice? (click to select) Round to the nearest cent $0.00
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