Asked by Jasmin Castaneda on May 15, 2024
Verified
Madison Manufacturing, Inc. has contracted to sell certain goods to a company in Malaysia. The price agreed upon for the goods is 320,000 Malaysian Ringgits. On the date the contract was signed, the Foreign Currency in dollars column in the financial section of the local paper showed that the Malaysian Ringgit was valued at .309502. Compute the U.S. dollar value Madison Manufacturing, Inc. expects to receive for the goods. (Round to nearest dollar.)
Malaysian Ringgits
The currency of Malaysia, symbolized as RM, used for all financial transactions within the country.
U.S. Dollar Value
The worth of a good, service, or financial security denominated in terms of the United States dollar.
- Acquire knowledge of the elementary principles behind currency conversion and their use in international trade activities.
- Determine the financial outlay of international dealings in a foreign currency.
Verified Answer
AG
Learning Objectives
- Acquire knowledge of the elementary principles behind currency conversion and their use in international trade activities.
- Determine the financial outlay of international dealings in a foreign currency.