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7.17If the direct price of the dollar is DM2.5 in 1990 Frankfurt and transaction costs were .4% of the amount transacted, then the minimum-maximum direct

7.17If the direct price of the dollar is DM2.5 in 1990 Frankfurt and transaction costs were .4% of the amount transacted, then the minimum-maximum direct quotes for the DM in New York were:

a)$.39684032

b)$2.48002.5200

c)$.3984.4016

d)$2.49002.5100

Ans:a

May I know why is the answer A for question 7.17?

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