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The foreign exchange department of Bank of America has a bid quote on Canadian dollars (C$) of C$1.2312/$. If the bank typically tries to make

The foreign exchange department of Bank of America has a bid quote on Canadian dollars (C$) of C$1.2312/$. If the bank typically tries to make a bid-ask spread of 0.5 percent on these foreign exchange transactions, what will the ask rate have to be? (Round answer to 2 decimal places, e.g. 52.75.)

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