Asked by Miladis Rivas on May 01, 2024
Verified
A recent direct quote for the euro was $.8845. The euro's indirect equivalent is:
A) €0.8845.
B) $1.1306.
C) €1.1306.
D) €0.1155.
Indirect Equivalent
A term referring to the conversion or comparison of something through an intermediary or secondary measure.
Euro
A common European currency adopted in January 2002 by most of the members of the European Union.
- Familiarize with the concepts of direct and indirect exchange quotations in the realm of currency conversion.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
C
Explanation :
To find the indirect equivalent of the euro, we need to invert the direct quote. Therefore, €1 would be equal to $1.1306 (1 ÷ 0.8845).
Learning Objectives
- Familiarize with the concepts of direct and indirect exchange quotations in the realm of currency conversion.