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A bank quotes the following spot rates for the USD v GBP exchange rate. The bank's bid rate is 1 . 2 3 3 2
A bank quotes the following spot rates for the USD v GBP exchange rate.
The bank's bid rate is meaning USD GBP ie USD per GBP
The bank's ask rate is meaning USD GBP ie USD per GBP
You are a corporate customer of the bank and you wish to buy mio GBP mio means million from the bank and sell USD.
How many USD will the bank receive? Give your answer to the nearest USD.
Another word for the "ask" rate is the "offer."
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