Can someone please explain this to me? I thought you bought at the ask and sold at the bid. How do you know what number is which? SOS

7. A British businessman has just completed transactions in Italy and America. He is now holding 500,000 and S250,000 and wants to convert all of it to British pounds. His currency dealer provides this quotation: EURO/USD 0.8000-20 GBP/USD 0.7200 25 Assuming no other fees, what are his proceeds from conversion? (10 points) (10 points) Remember to always give your retail customer the worst price. As always, watch your currency algebra! $1 $623,441.10 you are buying e500,000 worth of 500,000 X 3020 usD (at the dealer's asking price of course) 200 ($250,000 41.40) x $1.00