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Has company made a gain or a loss as a result

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EXCHANGE GAINS AND LOSSES

Problem 1: You are the vice president of Worldwide InfoXchange, headquartered in Minneapolis, Minnesota. All shareholders of the firm live in the United States. Earlier this month you obtained a loan of 10 million Canadian dollars from a bank in Toronto to finance the construction of a new plant in Montreal. At the time the loan was received, the exchange rate was $0.81 to the Canadian dollar. By the end of the month, it has unexpectedly dropped to $0.75. Has your company made a gain or a loss as a result, and by how much?

Reference no: EM132682935

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