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How many eur will need to make the payment

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Problem 1: An Italian shoe manufacturer has just agreed to buy $1.25M in high quality leather from a U.S. company. How many EUR will they need to make this payment if the current bid/ask quote they get from their FX dealer is EUR/USD1.3542-1.3575?

Group of answer choices

Option 1: EUR 1,696,875

Option 2: EUR 1,692,750

Option 3: EUR 923,054

Option 4: EUR 920,810

Reference no: EM132955285

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