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Assume that you convert USD 2 0 , 0 0 0 into British pounds ( GBP ) and immediately afterwards you convert them back into

Assume that you convert USD 20,000 into British pounds (GBP) and immediately afterwards you convert them back into USD. The bank quoted you a bid price of $1.40GBP and an ask price of $1.55? GBP. Please estimate the dollar amount you lost in this round-trip transaction.
3,500.00
3,000.00
2,142.86
1,935.48
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