Question
(i) In a Paris bank, a tourist hands over USD 1,000 to the bank clerk and receives CAD 1,250 in return. Described this event if
(i) In a Paris bank, a tourist hands over USD 1,000 to the bank clerk and receives CAD 1,250 in return. Described this event if the person is a US tourist, a Canadian, or a Frenchman.
(ii) Suppose that you read the following quote on the Reuters screen: USD/CAD 1.000/1.005.
a)What is the bank's buying and selling rate for CAD?
b)What, therefore, are the bank's buying and selling rates for used (in CAD)?
(Please provide detailed answer)
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Personal Finance An Integrated Planning Approach
Authors: Ralph R Frasca
8th edition
136063039, 978-0136063032
