Assignment: The data for Study Problems are given in the following table:
Selling Quotes for Foreign Currencies in New York
|
COUNTRY-CURRENCY
|
CONTRACT
|
$/FOREIGN CURRENCY
|
|
Canada-dollar
|
Spot
|
.8439
|
|
|
30-day
|
.8410
|
|
|
90-day
|
.8390
|
|
Japan-yen
|
Spot
|
.004680
|
|
|
30-day
|
.004720
|
|
|
90-day
|
.004787
|
|
Switzerland-franc
|
Spot
|
.5140
|
|
|
30-day
|
.5179
|
|
|
90-day
|
.5335
|
Question 1: (Converting currencies) An American business needs to pay (a) 15,000 Canadian dollars, (b) 1.5 million yen, and (c) 55,000 Swiss francs to businesses abroad. What are the dollar payments to the respective countries?
Question 2: (Converting currencies) An American business pays $20,000, $5,000, and $15,000 to suppliers in, respectively, Japan, Switzerland, and Canada. How much, in local currencies, do the suppliers receive?