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Calculate the cost for the importer in SGD of buying tonnes

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Question - Monopoly OZ Health Ltd. is one of the world's largest exporter of vegemite, head-quartered in Melbourne, Australia. Suppose an importer based in Singapore imports the vegemite from Monopoly OZ Health and has contracted to import 60 tonnes of vegemite at AUD 30,000 each. The importer has to pay the bill in Australian dollar (AUD). Assuming AUD 1 = SGD 0.9205 - 0.9215 is quoted in Melbourne.

(i) Is this quote direct or indirect? Explain your answer in full.

(ii) Identify and justify whether the importer will use the bid or offer rate. In your answer, please specify which the bid rate is and which the offer rate is.

(iii) Calculate the cost for the importer in SGD of buying 60 tonnes of vegemite.

Reference no: EM132754829

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