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A bank quotes the following spot rates for the USD v GBP exchange rate. The bank's bid rate is 1.2332 (meaning 1.2332 USD = GBP

A bank quotes the following spot rates for the USD v GBP exchange rate. The bank's bid rate is 1.2332 (meaning 1.2332 USD = GBP 1.00 i.e., 1.2332 USD per GBP). The bank's ask* rate is 1.2337 (meaning 1.2337 USD = GBP 1.00 i.e., 1.2337 USD per GBP).

You are a corporate customer of the bank and you wish to sell 2,000,000 pounds (i.e., 2 mio GBP) to the bank and buy USD.

Q1) At what rate do you deal?

How many USD will you receive? Give your answer to the nearest USD.

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