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Jim is asked to figure out how many Euros he will get if he converts $1,000,000 into Euros. The exchange rate is $50/EUR. Jim takes
- Jim is asked to figure out how many Euros he will get if he converts $1,000,000 into Euros. The exchange rate is $50/EUR.
Jim takes the inverse of $1.5/EUR and writes down EUR.67/$. Jim then multiplies and gets
$1,000,000 .67$=670,000
Whats wrong with Jims calculation? How should Jim have done this calculation?
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Research In Finance
Authors: John W. Kensinger
1st Edition
0857245414, 978-0857245410
