Please show all calculations. If using excel, please show data. Please explain the concepts/answers in detail.

You are planning a trip to Finland and would like to purchase some euros before your trip (Finland stopped using its own currency in 2002). Your bank is quoting the price of euros as:

	Bid	Ask
Euros	$1.0750	$1.1250

part a: How many U.S. dollars will you need to purchase 500 euros?

part b: While on your trip you only spend 300 euros and decide to sell the remaining 200 euros at the airport on your way home. The airports price for euros is quoted below.

How many U.S. dollars will you receive for your 200 euros?

	Bid	Ask
Euros	$1.0500	$1.1500

part c: How much did you pay in transactions costs on the 200 euros that you did not use?