Asked by Leanne Mallare on May 09, 2024
Verified
If the exchange rate is 0.507949 British pound for 1 U.S. dollar, how many pounds would it cost a British merchant to pay an American export company for merchandise valued at $200,000? (Round to nearest whole number.)
British Pound
The currency of the United Kingdom, often symbolized as GBP (£), which is one of the world's major currencies.
U.S. Dollar
The United States' official monetary unit, extensively utilized as a benchmark for trade in global markets.
Exchange Rate
The price of one currency in terms of another currency for conversion purposes.
- Understand the basic principles of currency conversion and its application in international trade.
- Calculate the cost of international transactions in a different currency.
Verified Answer
CR
Learning Objectives
- Understand the basic principles of currency conversion and its application in international trade.
- Calculate the cost of international transactions in a different currency.