Asked by
FARHANA BEGUM
on Dec 02, 2024Verified
If recent direct quotes in U.S. dollars are $1.5547 for the British pound and $.1150 for the Mexican peso, the exchange rate available to a British importer buying pesos with pounds is:
A) 13.5191 pounds per peso.
B) 13.5191 pesos per pound.
C) 0.0740 pounds per peso.
D) 0.0740 pesos per pound.
Exchange Rate
The value of one currency for the purpose of conversion to another, determining how much of one currency can be exchanged for another.
British Pound
The British Pound, formally the pound sterling, is the currency of the United Kingdom, and one of the world's major currencies, traded extensively in the global foreign exchange markets.
Mexican Peso
The official currency of Mexico, symbolized as $ or MXN.
- Acquire knowledge on the distinctions between direct and indirect quotes within the currency exchange system.
Verified Answer
KR
Learning Objectives
- Acquire knowledge on the distinctions between direct and indirect quotes within the currency exchange system.