Asked by Jared Allen on Jul 17, 2024
Verified
In the market for Canadian dollars measured in US dollars,if the price of a Canadian dollar is 0.90 cents US,a US dollar is
A) 0.90 cents Canadian
B) 1 Canadian dollar
C) 1.11 Canadian dollars
D) 1.05 Canadian dollars
Exchange Rate
The price at which two different currencies are exchanged, for example, ¥10 to the dollar, or $.010 per yuan.
- Calculate the cost of goods in one currency given the exchange rate and the price in another currency.
Verified Answer
AM
Alyssa Marie LopezJul 19, 2024
Final Answer :
C
Explanation :
If the price of a Canadian dollar is 0.90 cents US, then one US dollar can buy 1/0.9 = 1.1111... Canadian dollars. Rounding to two decimal places, the answer is 1.11 Canadian dollars. Therefore, the correct choice is C.
Learning Objectives
- Calculate the cost of goods in one currency given the exchange rate and the price in another currency.