Problem:
Assume that over the course of 30 days, the following changes occur in the equilibrium prices of the currencies: the dollar appreciates 7% against the euro and 9% against the British pound, but falls 4% against the Canadian dollar and falls 6% against the Japanese yen. Using these new quotes, make the same three conversions as before:
Please explain in detail and also provide step by step solution of each question.
1. Convert $1,250,000 into Euros
2. Convert £1,500,000 (GBP) into U.S. dollars
3. Convert CAD 2,000,000 into JPY