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P18-1
Foreign exchange and commodity prices.
While traveling in the following
countries, you see twenty-ounce plastic bottles of Coca-Cola. You know the price in the
United States for a Coke is
$0.990.99,
but the countries have the following prices:
Canada:
C$1.54
Japan:
¥155
England:
£0.46
European Union:
euro€0.89
What is the implied exchange rate for U.S. dollars and these four currencies?
P18-3
You are taking a trip to six European countries. It is a ten-day trip, and you are taking $
3900 The current direct conversion rate is $1.1723 for euros. While in Europe, you
spend euro€3 161.323 You convert your remaining euros back to U.S. dollars upon your
return. If the exchange rates remained the same over your trip, how much do you have
left in U.S. dollars?
P18-4
Currency exchange rates.
On the day you arrive in England, the exchange rate for
U.S. dollars and British pounds is $1:pound 0.53 You have $3900, which you convert to
pounds. While you remain in England for the next two weeks, the exchange rate falls to
$1:£0.490 As you leave England, you convert the £126 you have left to dollars. How