Solved: Determine percentage of cross exchange rate, Accounting Standards

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Determine percentage of cross exchange rate

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Movements in Cross Exchange Rates

Last year a dollar was equal to 7 Swedish kronor, and a Polish zloty was equal to $.40. Today, the dollar is equal to 8 Swedish kronor, and a Polish zloty is equal to $.44.

By what percentage did the cross exchange rate of the Polish zloty in Swedish kronor (that is, the number of kronor that can be purchased with one zloty) change over the last year?

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Accounting Standards: Determine percentage of cross exchange rate

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