Currency Translation Sterling, Inc., is an export-import firm. On June 1, Sterling purchased goods from a British company costing 20,000. Payment is due in pounds on September 1. The spot rate on June 1 was $1.29 per pound, and on September 1, it was $1.34 per pound. Required:

1. How much would Sterling have to pay for the purchase (in dollars) if it paid on June 1? $fill in the blank 1 25,800

How much would it have to pay for the purchase (in dollars) if it paid on September 1? $fill in the blank 2 26,800

2. Calculate the spot rate of $1 against the pound on June 1 and September 1. (Round your answers to two significant digits.) fill in the blank 3 0.78

Did the dollar strengthen or weaken against the pound during the three-month period?