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Connect Ltd (Malaysia) has sent a cheque of MYR 950,000 to Chancery Ltd (UK) for the purchase of electrical machinery. Chancery Ltd has banking

Connect Ltd (Malaysia) has sent a cheque of MYR 950,000 to Chancery Ltd (UK) for the purchase of electrical machinery. Chancery Ltd has banking relationships with Royal Bank (London). a) Calculate the bid-offer cross rates for GBP/MYR using the FX quotes below. FX Quotes: MYR/USD 0.2330 0.2335 GBP/SGD 1.6242 1.6248 GBP/USD 1.2370 1.2375 b) Using the relevant cross rate from a), determine the equivalent amount in GBP (show to 2 decimal places) received by Chancery Ltd.

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