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1. Suppose that while traveling in Spain, you buy a painting for 12,000. If the exchange rate is quoted by a European bank as BID

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1. Suppose that while traveling in Spain, you buy a painting for 12,000. If the exchange rate is quoted by a European bank as BID 0.75/$ and ASK 0.80/$, how many dollars would you have to exchange to make the purchase? A. $16,000 B. $15,000 C. $9,600 D. $9,000 E. None of the above

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