You are ready to go on a holiday to Mongolia. You buy Mongolian Tugrik (MNT) at a bank in Sydney in advance. Your budget is 1,000 Australian dollars (AUD). The bank quotes you a rate of MNT/AUD = 24.51 - 25.71 i.e. the amount of MNT per 1 AUD and you buy 1,000 AUD worth of MNT. Then, a few hours later, you have to cancel your trip. So you go back to the same bank to sell your Mongolian Tugrik (MNT). The rate has NOT changed and the bank is still quoting MNT/AUD = 24.51 - 25.71.

Select the most appropriate answer:

a. You lost approximately 160 AUD.

b. You gained approximately 28 AUD.

c. You lost approximately 2 AUD.

d. You lost approximately 46 AUD.

e. You lost approximately 8 AUD.