Suppose the exchange rate between U.S. dollars and British Pounds is $1.00 = 1.70 Pounds and the exchange rate between the U.S. dollar and the Euro is $1.00 = 1.24 Euros. What is the direct quote cross rate of one Pound to the euro? (How many Euros will one Pound purchase?)

Instruction: Type your answer in euros, and round to two decimal places. E.g., if your answer is 77.77, you should type ONLY the number 77.77, neither $77.77, 78, nor 77.8. Otherwise, Blackboard will treat it as a wrong answer.