You observed the following quotes between Canadian dollars (C$), euros (€) and Swiss francs (CHF) on 3/1/XX: C$1=€.90, C$.70/CHF On 3/2/20X, quotes for each currency were as follows: C$1.15=€1, CS.75/CHF You converted 600,000 Swiss francs into euros on 3/1. On 3/2 you converted your euros back to Swiss francs. How many francs would you have on 3/2? Round intermediate steps to four decimals. O 715,555.56 665357.14 246,521.74 O 579,587.4
You observed the following quotes between Canadian dollars (C$), euros (€) and Swiss francs (CHF) on 3/1/XX: C$1=€.90, C$.70/CHF On 3/2/20X, quotes for each currency were as follows: C$1.15=€1, CS.75/CHF You converted 600,000 Swiss francs into euros on 3/1. On 3/2 you converted your euros back to Swiss francs. How many francs would you have on 3/2? Round intermediate steps to four decimals. O 715,555.56 665357.14 246,521.74 O 579,587.4
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:You observed the following quotes between Canadian dollars (C$), euros (€) and Swiss francs (CHF) on 3/1/XX:
C$1=€.90, C$.70/CHF
On 3/2/20X, quotes for each currency were as follows: C$1.15=€1, CS.75/CHF
You converted 600,000 Swiss francs into euros on 3/1. On 3/2 you converted your euros back to Swiss francs. How many
francs would you have on 3/2? Round intermediate steps to four decimals.
O 715,555.56
665357.14
246,521.74
O 579,587.4
Expert Solution
Step 1
Meaning of Exchange Rate:
The term exchange rate refers to the situation under which a particular country’s funds or money gets exchange to another country’s funds or money system, thus the relation between the two countries' funds refers to as exchange rates.
Step 2
Given:
The quotes between Canadian Dollar, Euro, and Swiff France are:
On 3/2, the quotes for each currency were as follows:
Converted 600,000 Swiss France into euros on 3/1 and converted euros back into Swiss France
To Find:
How many Frances would have on 3/2
Step by step
Solved in 4 steps
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