Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 9 1 pts My name is Maurice. I have $8,000 in FXCM (Foreign Exchange Market). I am considering converting dollar to Euro now. The

image text in transcribed
Question 9 1 pts My name is Maurice. I have $8,000 in FXCM (Foreign Exchange Market). I am considering converting dollar to Euro now. The rate I apply now (first exchange rate conversion) is 0.88 Euro/$. In the evening, I bet the rate will be favorable to me. Let's assume there are no service fees about this process. If I strongly believe in my speculation, and I want to make at least $600 profit from this process, what should be the exchange rate for the 2nd conversion to meet my profit target? (Rounding: 1/100, e.g. .468 -> .47) Less than or Equal to .82 Euro/$ Less than or Equal to .85 Euro/$ Less than or Equal to .87 Euro/$ Less than or Equal to .89 Euro/$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Transport Operations

Authors: Allen Stuart

2nd Edition

978-0470115398, 0470115394

More Books

Students also viewed these General Management questions