The average price for regular gasoline in Toronto is $1.35 per liter, or L (in Canadian dollars, as of April 2014). Part A: The exchange rate between the US and Canada varies continuously. Assume that, in April 2014, the rate was US$ 0.98 for each Canadian dollar. Determine the cost in U.S. dollars (US$) for 1 L of gasoline in Toronto. Round to the nearest cent..
The average price for regular gasoline in Toronto is $1.35 per liter, or L (in Canadian dollars, as of April 2014). Part A: The exchange rate between the US and Canada varies continuously. Assume that, in April 2014, the rate was US$ 0.98 for each Canadian dollar. Determine the cost in U.S. dollars (US$) for 1 L of gasoline in Toronto. Round to the nearest cent..
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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The average price for regular gasoline in Toronto is $1.35 per liter, or L (in Canadian dollars, as of April 2014).
Part A: The exchange rate between the US and Canada varies continuously. Assume that, in April 2014, the rate was US$ 0.98 for each Canadian dollar. Determine the cost in U.S. dollars (US$) for 1 L of gasoline in Toronto. Round to the nearest cent..
Expert Solution
Step 1
The average price of gasoline in Toronto in April 2014 was $1.35 CAD per liter. To convert this to U.S. dollars, we need to multiply the price in Canadian dollars by the exchange rate between the two currencies, which was US$ 0.90 for each Canadian dollar.
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