A London bank quotes an MNC the following rates for the dollar:

Bid Ask

0.9048/$ 0.9288/$

If the MNC wants to buy 134 million, how much will it pay in dollars?

If the MNC wants to buy $240 million, how much will it pay in euros?

Using the convention currency traders use to quote spreads, calculate the bid/ask spread on the dollar as a percentage rate up to four decimal places.

How would a New York branch of the London bank post the above bid/ask prices? Calculate the bid/ask spread on the pound as a percentage rate up to 4 decimal places. How do you explain the difference in the spread calculations between c and d?