Question
After spending a week in Moscow for holiday, you are now on your way back to Mumbai, your home town. You have 450,000 Russian rubles
After spending a week in Moscow for holiday, you are now on your way back to Mumbai, your home town. You have 450,000 Russian rubles (RUB) left in your money pouch. In your return trip, you want to exchange your Russian rubles for US dollar (USD) at the Moscow Domodedovo Airport, where a money changer quotes the following spot exchange rate:
Currency We Buy $ 73.60
We Sell $ 73.90
(i) How many USD will you obtain for your rubles?
When you reach Chhatrapati Shivaji Maharaj International Airport, you go to exchange your USD for India rupee at a money changer, which quotes the following spot exchange rate:
Currency We Buy $ 73.30
We Sell $ 73.50
(ii) How many Indian rupees will you obtain?
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Intermediate Financial Management
Authors: Eugene F Brigham, Phillip R Daves
9th Edition
032431986X, 9780324319866
