Asked by Austin Deaver on Jul 02, 2024
Verified
If the exchange rate for Canadian and U.S.dollars is 0.7382 to 1,this implies that 2 Canadian dollars can be purchased for $1.48 U.S.dollars.
Exchange Rate
The price of one currency expressed in terms of another currency, determining how much of one currency can be exchanged for another.
Canadian Dollars
The official currency of Canada, represented by the symbol CAD.
- Understand the concept of foreign exchange rates and their relevance to international investments.
Verified Answer
AD
Addison Dykstra6 days ago
Final Answer :
True
Explanation :
If the exchange rate is 0.7382, it means that for every 1 U.S. dollar, you can purchase 0.7382 Canadian dollars. To find out how much Canadian dollars you can get for $1.48 U.S. dollars, you simply multiply 0.7382 by 2 (since you want to know how many Canadian dollars you can get for $2 in total):
0.7382 x 2 = 1.4764
So, you can get 1.4764 Canadian dollars for $1.48 U.S. dollars, which means that 2 Canadian dollars can be purchased for $1.48 U.S. dollars.
0.7382 x 2 = 1.4764
So, you can get 1.4764 Canadian dollars for $1.48 U.S. dollars, which means that 2 Canadian dollars can be purchased for $1.48 U.S. dollars.
Learning Objectives
- Understand the concept of foreign exchange rates and their relevance to international investments.