A bank in London, Ontario charges 3.25% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.3351. a. How many Canadian dollars will you receive from the bank if you sell US$1,370? Round to the nearest cent b. How much commission will you pay the bank for this transaction?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A bank in London, Ontario charges 3.25% commission to buy and sell currencies.
Assume that the current exchange rate is US$1 = C$1.3351.
a. How many Canadian dollars will you receive from the bank if you sell US$1,370?
Round to the nearest cent
b. How much commission will you pay the bank for this transaction?
Round to the nearest cent
Transcribed Image Text:A bank in London, Ontario charges 3.25% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.3351. a. How many Canadian dollars will you receive from the bank if you sell US$1,370? Round to the nearest cent b. How much commission will you pay the bank for this transaction? Round to the nearest cent
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