By the end of the month it had unexpectedly dropped to 100, Financial Management

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By the end of the month it had unexpectedly dropped to 100

You are the vice president of Finance for Apple. Headquartered in Cupertino. Earlier this month, Apple obtains a loan to improve facilities in Europe. The loan was for 50 million euros to finance a new factory in Grenoble France.

At the time the loan was received, the exchange rate was $1 1$ to the Euro.

By the end of the month, it had unexpectedly dropped to $1.00 to the Euro. Has Apple made a gain or loss and by how much?

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Financial Management: By the end of the month it had unexpectedly dropped to 100

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