4. Pricing foreign goods The exchange rate is the price of one currency in terms of another currency. An exchange rate specifies how many units

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4. Pricing foreign goods The exchange rate is the price of one currency in terms of another currency. An exchange rate specifies how many units of one country's currency are needed to buy one unit of another country's currency. Suppose the following table forecasts exchange rate data for March 16, 2018, in terms of U.S. dollars per unit of foreign currency. Use the information in the tab/e to answer the questions that follow. Cost of One Unit of Foreign Currency Foreign Currency (Dollars) Lithuanian litas (LTL) 0.3666 Canadian dollar (CAD) 0.8493 Euro (EUR) 1.3288 Mexican peso (MXN) 0.0889 United Kingdom pound (GBP) 1.8965 Suppose that on March 16, 2018, a marble statue handmade in the United Kingdom is priced at GBP 530. The approximate U.S. dollar price of the statue would be V . If the exchange rate for the U.S. dollarU.K. pound rises from $1.8965 to $22758 per U.K. pound, the U5. dollar V in value, or v , relative to the U.K. pound