Problem 7-3 International cash management [LO7-2]

Orbital Communications has operating plants in over 100 countries. It also keeps funds for transactions purposes in many foreign countries. Assume in 2010 it held 250,000 kronas in Norway worth $50,000. The funds drew 11 percent interest, and the krona increased 6 percent against the dollar. What is the value of the holdings, based on U.S. dollars, at year-end?