1) A bank in Toronto charges 2.00% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.3435.

a. How many Canadian dollars will you have to pay to purchase US$1,480?

b. How much commission in Canadian dollars (C$) will you pay the bank for the above transaction?

2) A clothing distributor in Ajax, Ontario sells a designer suit for $1,510 less a discount of 35.00%. Another distributor in Oshawa, Ontario sells a similar designer suit for $1,430 less a discount of 21.00%.

a. Which distributor offers the cheaper price for the suit?

b What further trade discount should the distributor with the more expensive suit offer to match the price of the suit offered by the other distributor?