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
Related questions
Question
Transcribed Image Text:You are studying in Nigeria and going to take a vacation to Sydney, Australia. Standing in one of Nigeria's
international departures terminals at Murtala Muhammed International Airport, you look at the foreign
exchange quotes posted over an FX trader's booth. You decide to exchange 200,000 Nigerian naira (Nor
NGN) for Australian dollars (A$ or AUD).
a. What is the Nigerian naira to Australian dollar cross rate?
b. How many Australian dollars will you get for your Nigerian naira?
Spot rate (NGN = 1.00 USD)
Spot rate (USD = 1.00 AUD)
In the answer box below, write the letter and your answer.
e.g. a. Your answer
415.8900
0.7200
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