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Using the exchange rate below, answer the following ( by showing all work ) . To determine / check for the correct BID or ASK,
Using the exchange rate below, answer the following by showing all work
To determinecheck for the correct BID or ASK, use the following:
For example, GBPAUD of for BID means AUD GBP
GBPAUD of for ASK means AUD GBP
If I am BUYING the British pound, since the middle man aka the exchange rate service will make some profit, they will ask me to pay MORE AUD to get GBP This means I need to use the ASK rate of to BUY GBP
Conversely, I should use the BID rate of to SELL GBP
THUS, the BID column is to SELL the TOP currency aka BUY the bottom currency and
the ASK column is to BUY the TOP currency aka SELL the Bottom currency in this data.
tableGBPAUDtableBid
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