An American firm asks the bank for an A$/SFr quote because it received SFr and wants to change it to A$. A bank is quoting the following exchange rates against the dollar ($) for the Swiss franc (SFr) and the American dollar (A$):

SFr/$ = 1.4950--60

A$/$ = 1.6245--50

When calculating the cross rate - which one is correct?

a. Ask rate A$/SFr = 1.6250/1.14960 = 1.0862

b. Ask rate A$/SFr = 1.6245/1.4950 = 1.0866

c. Bid rate A$/SFr = 1.6245/1.4960 = 1.0859

d. Bid rate A$/SFr = 1.6250/1.4950 = 1.0870