Under the gold standard of currency exchange that existed from 1879 to 1914, an ounce of gold cost $20.67 in U.S. dollars and

4.2474

in British pounds. Therefore, the exchange rate of pounds per dollar under this fixed exchange regime was:

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Part 1

A.

4.8665/$.

B.

0.2055/$.

C.

always changing because the price of gold was always changing.

D.

unknown because there is not enough information to answer this question.