Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bank of Montreal, a Canadian company, sends a dividend check for CAD 200,000 to a US investor in Boston. The US investor deposits the check

Bank of Montreal, a Canadian company, sends a dividend check for CAD 200,000 to a US investor in Boston. The US investor deposits the check in a USD-denominated bank account at Bank of America. What balance if payments account should be credited?
a) current account
b) financial account
c) unilateral transfers
d) official reserves account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions