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5. Assume you have $1,000 and plan to travel from the United States to the United Kingdom. Assume further that the bank's bid rate for

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5. Assume you have $1,000 and plan to travel from the United States to the United Kingdom. Assume further that the bank's bid rate for the British pound is $1.10 and its ask rate is $1.30. Before leaving on your trip, you go to this bank to exchange dollars for pounds. And assume that an emergency prevents you from taking the trip and so you now want to convert your British pounds into U.S. dollars again. At the end of this transaction you will have U.S. dollars $. (20 Points)

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