Question
1. My name is Maurice. I have $45,000 in FXCM (Foreign Exchange Market). I am considering converting dollar to Euro now. The rate I apply
1. My name is Maurice. I have $45,000 in FXCM (Foreign Exchange Market). I am considering converting dollar to Euro now. The rate I apply now (first exchange rate conversion) is 0.92 Euro/$. In the evening, I bet the rate will be favorable to me. Let's assume there are no service fees about this process.
If I strongly believe in my speculation, and I want to make at least $1000 profit from this process, what should be the exchange rate for the 2nd conversion to meet my profit target? (Rounding: 1/100, e.g. .468 -> .47)
Less than or Equal to .93 Euro/$
Less than or Equal to .90 Euro/$
Less than or Equal to .97 Euro/$
Less than or Equal to .95 Euro/$
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