Robert purchased US$10,000 from a bank in America, which charged her a commissionof 0.8%, and sold the US dollars to a bank in Canada, which charged her a 0.24%commission. How much money did she lose or gain? Assume that the exchange ratewas C$1 = US$0.8993.C$Round to the nearest centAnswer as positive is there was a gain, and negative if there was a loss0.00

Purchase Price in US$ = pus =US$10,000Commission rate in America = ca = 0.8%Commission rate in…

Answered: Robert purchased US$10,000 from a bank…

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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Robert purchased US$10,000 from a bank in America, which charged her a commission of 0.8%, and sold the US dollars to a bank in Canada, which charged her a 0.24% commission. How much money did she lose or gain? Assume that the exchange rate was C$1 = US$0.8993.