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(a) The current bid-offer quote between Australian dollar and the US dollar, AUD/USD, is 0.7201-0.7205, while the quote between British pound and the US dollar,

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(a) The current bid-offer quote between Australian dollar and the US dollar, AUD/USD, is 0.7201-0.7205, while the quote between British pound and the US dollar, GBP/USD is 1.3479-1.3483. If an Australian firm needs to pay 1 million British pound for its import, how much Australian dollars does it need for the payment? Briefly explain your

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