U.S. $ EQUIVALENT CURRENCY PER U.S. $ U.K. Pound (£) 1.5567 .6424 Canada dollar

Question

U.S. $ EQUIVALENT CURRENCY PER U.S. $ U.K. Pound (£) 1.5567 .6424 Canada dollar 1.0241 .9765 Which would you rather have, $100 or £100? Which would you rather have, $100 Canadian or £100? What is the cross-rate for Canadian dollars in terms of British pounds? (Do not include the Canadian dollar sign, C$. Round your answer to 4 decimal places, e.g., 32.1616.) Cross-rate C$ /£ What is the cross-rate for British pounds in terms of Canadian dollars? (Do not include the pound sign, £. Round your answer to 4 decimal places, e.g., 32.1616.) Cross-rate £ /C$

Explanation / Answer

Solution: (a) What would you rather have $100 or 100 U.K. Pound Answer Since $1 = 0.6424 U.K. Pound, so $ is cheaper than U.K. Pound. So we would like to have expensive one which is 100 U.K. Pound. (b) What would you rather have Canadian Dollar 100 or 100 U.K. Pound Answer Since Canadian $ 1 = $ 1.0241 and U.K Pound 1 = 1.5567 $, so Canadian $ is cheaper than U.K. Pound. So we would like to have expensive one which is 100 U.K. Pound. ( c) Cross rate i) C$/U.K. Pound = (C$/$)*($/U.K. Pound) = 0.9765*1.5567 = 1.5201 ii) U.K Pound/C$ = (U.K. Pound/$)*($/C$) = 0.6424*1.0241 = 0.6579

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