Question
Assume a bank's bid rate for the Danish kroner (DKK) is $0.1875, while its ask rate is $0.1895. Assume you convert $1,000 to Danish kroner
Assume a bank's bid rate for the Danish kroner (DKK) is $0.1875, while its ask rate is $0.1895. Assume you convert $1,000 to Danish kroner to take on your trip to Denmark. Immediately after conversion, a family emergency arises, and you are unable to go on your trip. Thus, you convert the Danish kroner back to dollars.
How many Danish kroner will you receive when converting the dollars initially?
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Lending Investments And The Financial Crisis
Authors: Elena Beccalli, Federica Poli
1st Edition
1349564982, 978-1349564989
