You are about to leave for the Study Abroad component of your MBA program in Germany. The MBA office covers all travel related expenses. When you incur any loss in currency conversion(s), your office covers the loss in as much as it is entitled to your profits too. Most of your bills (air-ticket and hotel) are already paid by the MBA office. You are permitted to carry $1,000.00 worth of foreign currency denominated debit card with a microchip to cover your daily incidental expenses in the foreign country. The MBA office has given you $1,000 in cash. When you enter the bank, there is a display board that shows bank rates for foreign currency denominated debit cards. Here is a snapshot of the display board:

Direct Quotes in the US ($ per unit of foreign currency)

Currency BidAsk

Japanese Yen ()0.00950.0100

Euro ()1.20001.2500

Swiss Franc (CHF)0.94001.000

Pound Sterling () 1.52001.6000

Canadian Dollar (C$)0.8166660.833333

Singapore Dollar (S$)0.6857140.714286

Chinese Yuan Renminbi(RMB)0.1384620.153846

1. What is the amount you will get in the foreign currency denominated debit card? (Ignore cents/decimals as debit cards may be issued in whole units only) (4 points)
2. When you are ready to leave the bank, you get a text message that you have an official emergency to handle. Therefore, you are compelled to cancel your proposed trip. You hurry back to the bank and return the debit card to get your dollars back. What is the amount that you will get from the bank upon returning the card? (4 points)
3. What is the amount that you gained or lostin the combined pair of transactions as shown in (2) and (3)? (3 points)
4. What is the amount that you must returnto your office? (3 points)