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How much commission will you pay the bank

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Question 1 - Emma-Lee purchased US$10,000 from a bank in the US, which charged her a commission of 0.80%, and sold the US dollars to a bank in Canada, which charged her a 0.25% commission. How much money did she lose or gain? Assume that the exchange rate was C$1 = US$0.7495.

Question 2 - A bank in London, Ontario charges 2.25% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.3342.

a. How many Canadian dollars will you receive from the bank if you sell US$1375?

b. How much commission will you pay the bank for this transaction?

Reference no: EM132461648

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