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HELP PLEASE!! During the currency crisis of September 2002, the bank of England borrowed 50,000,000 Mil DM from the Bundeshank when a pound Was worth
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During the currency crisis of September 2002, the bank of England borrowed 50,000,000 Mil DM from the Bundeshank when a pound Was worth DM 2.9. It immediately sold these DM in the foreign exchange market for pounds in an attempt to prevent devaluation of the pound. It later repaid these DM at the post-crisis rate of DM 1.9: GBP 1. What was the profit to the bank of england in pounds lif the bank lost money, enter a negative answer)? Please answer as a raw number as opposed to in millions. For example if the answer was ioss of 6,000,000 enter 6,000,000 not 6 Step by Step Solution
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