Orbital Communications has operating plants in over 100 countries. It also keeps funds for transactions purposes in many foreign countries. Assume in 2010 it held 280,000 kronas in Norway worth $53,000. The funds drew 12 percent interest, and the krona decreased 5 percent against the dollar.
What is the value of the holdings, based on U.S. dollars, at year-end?
Value of the holdings $