Good afternoon Dear friends,

Questions in picture

7. You work at a mine in Malaysia that is owned by a Canadian based parent company. The parent company's functional currency is the USD, which is also the currency in which it presents its financial statements. A colleague of yours is responsible for organizing and providing to the parent company information on the financial performance of the Malaysian mine for the previous year. She asked you to ll in for her during a short absence. Afinance team contact in Canada has asked you to provide the figure in USD for total assets as of the end of the previous year. The mine's assets at the end of the year in Malaysian ringgit {MYR} were MYR 480 million. The notes your colleague left you include the following exchange rates: the average USD:MYR exchange rate for the year was 4.2025, and the USD:MYR exchange rate on the last day of the year was 4.0505 {a} Which of the two exchange rates should you use to provide the requested figure in USD? Briefly {in 1-2 sentences) explain the reasons for your answer [bl Calculate the mine's assets for the previous year in USD