Vikram planned to travel to Australia from Canada and purchased 5000 Australian dollars. A week later, he decided to cancel his trip and wanted to convert his Australian dollars back to Canadian dollars at the same bank. Did he lose any money by converting the money twice? If so, how much did he lose? Assume that the bank charged a commission of 0.5% to sell and 0.75% to buy currencies. Assume that the exchange rate was C$1 = A$1.1167.

AppendixLO1