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Upon arrival at the international airport in the country of Canteberry, Charles Alt exchanged $140 of U.S. currency into 700 florins, the local currency unit. Upon departure from Canteberry's international airport on completion of his business, he exchanged his remaining 110 florins into $11 of U.S. currency.
Required:
Problem 1: Determine the currency exchange rates for each of the cells in the florins matrix for Charles Alt's business trip to Canteberry.
Problem 2: Did Charles experience a foreign currency transaction gain or a loss on the 110 florins he held during his visit to Canteberry and converted to U.S. dollars at the departure date?
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