13. Middle East Exports. A European-based manufac turer ships a machine tool to a buyer in Jordan. The purchase price is 375,000. Jordan imposes a 12% import duty on all products purchased from the European Union. The Jordanian importer then re- exports the product to a Saudi Arabian importer, but only after imposing its own resale fee of 22%. Given the following spot exchange rates on May 25, 2004, what is the total cost to the Saudi Arabian importer in Saudi Arabian riyal, and what is the U.S. dollar equivalent of that price?

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Spot rate, Jordanian dinar (JD) per euro () JD 0.8700/ Spot rate, Jordanian dinar (JD) per US. dollar ($) ID 0.7080/$ Spot rate, Saudi Arabian riyal (SRI) per U.S. dollar SRI 3.750/$