oday, a Van Gogh painting is worth $120 million or about 85 million British pound. Since 1990, the US dollar has been appreciating by 25% against the British pound (You need to depreciate US dollar by 25% to go back to the 1990 exchange rate). If the Van Gogh painting was worth 85 million British pound in 1990, how much was the same Van Gogh painting worth in the US Dollar back in 1990?
oday, a Van Gogh painting is worth $120 million or about 85 million British pound. Since 1990, the US dollar has been appreciating by 25% against the British pound (You need to depreciate US dollar by 25% to go back to the 1990 exchange rate). If the Van Gogh painting was worth 85 million British pound in 1990, how much was the same Van Gogh painting worth in the US Dollar back in 1990?
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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Today, a Van Gogh painting is worth $120 million or about 85 million British pound. Since 1990, the US dollar has been appreciating by 25% against the British pound (You need to depreciate US dollar by 25% to go back to the 1990 exchange rate). If the Van Gogh painting was worth 85 million British pound in 1990, how much was the same Van Gogh painting worth in the US Dollar back in 1990?
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