TABLE 2.1 Spot Foreign Exchange Rates (Direct Quotes) Exchange Rate (U.S. Dollars) Country Currency February 25, 2013 November 18, 2015 Australia Dollar $1.0258 $0.7111 U.K. Pound $1.5165 $1.5236 Canada Dollar $0.9745 $0.7517 India Rupee $0.01845 $0.01514 Japan Yen $0.010891 $0.008088 South Africa Rand $0.1129 $0.0706 Switzerland Franc $1.0728 $0.9805 Euro area Euro $1.3062 $1.0660 Source: The Wall Street Journal (February 26, 2013 and November 19, 2015). Valley Stores, a U.S. department store chain, annually negotiates a contract with Alpine Watch Company, located in Switzerland, to purchase a large shipment of watches. On February 25, 2013, Valley purchased 9,000 watches for a total of 1.02 million Swiss francs. Refer to Table 2.1 and determine the following: a. The total cost and cost per watch in U.S. dollars. Do not round intermediate calculations. Round the cost per watch to the nearest cent and the total cost to the nearest dollar. Cost per watch: $ Total cost: $ b. The total cost and cost per watch in U.S. dollars of 11,000 watches purchased on November 18, 2015, assuming that Alpine's price per watch (in Swiss francs) remains unchanged. Do not round intermediate calculations. Round the cost per watch to the nearest cent and the total cost to the nearest dollar. Cost per watch: $ Total cost: $