You are traveling internationally for business. Here is a list of your expenses. Note that the expenses are in the Iocal currencies: Euros (EUR), Indian Rupees (INR), and Chinese Yuan (CNY). 3) If you change money at a tourist location, like an exchange counter at an airport, you may see "service charges" in addition to unfavorable rates. Say, on your trip, you decide to change some money at the Mumbai Airport. You want to change the 325 EUR you still have in your pocket to INR. a. Based on the exchange rates given in Part 1, how many INR could you get for 325 EUR? (Assume the rates are "as if" you exchanged EUR for USD and then USD for INR.) b. The exchange from part a reflects what rate? INR/EUR c. If, however, the INR/EUR exchange rate at the airport is 17% worse than the rate you calculated in part b, how many INR could you get for 325 EUR? d. Now assume that in addition to the "worse" rate from part c, there is a 100 INR service charge. How many INR will you be left with after you exchange your 325 EUR? 2 e. The net exchange from part d is equivalent to what rate? INR/EUR f. The rate calculated in part e is what percent worse than the rate in part b? (Hint: it has to be more than 17% worse-because the service charge comes on top of the 17% hit from part b.) You are traveling internationally for business. Here is a list of your expenses. Note that the expenses are in the Iocal currencies: Euros (EUR), Indian Rupees (INR), and Chinese Yuan (CNY). 3) If you change money at a tourist location, like an exchange counter at an airport, you may see "service charges" in addition to unfavorable rates. Say, on your trip, you decide to change some money at the Mumbai Airport. You want to change the 325 EUR you still have in your pocket to INR. a. Based on the exchange rates given in Part 1, how many INR could you get for 325 EUR? (Assume the rates are "as if" you exchanged EUR for USD and then USD for INR.) b. The exchange from part a reflects what rate? INR/EUR c. If, however, the INR/EUR exchange rate at the airport is 17% worse than the rate you calculated in part b, how many INR could you get for 325 EUR? d. Now assume that in addition to the "worse" rate from part c, there is a 100 INR service charge. How many INR will you be left with after you exchange your 325 EUR? 2 e. The net exchange from part d is equivalent to what rate? INR/EUR f. The rate calculated in part e is what percent worse than the rate in part b? (Hint: it has to be more than 17% worse-because the service charge comes on top of the 17% hit from part b.)