Simple exchange rate question- confused about bid/ask prices Japanese Yen to USD

Question

Simple exchange rate question- confused about bid/ask prices
Japanese Yen to USD
Bid = $0.009465 Ask = $0.009470
With $500, how much yen can you get?
With 4,500 yen, how much $ can you get, assuming same exchange rates?
Thank you Simple exchange rate question- confused about bid/ask prices
Japanese Yen to USD
Bid = $0.009465 Ask = $0.009470
With $500, how much yen can you get?
With 4,500 yen, how much $ can you get, assuming same exchange rates?
Thank you
Japanese Yen to USD
Bid = $0.009465 Ask = $0.009470
With $500, how much yen can you get?
With 4,500 yen, how much $ can you get, assuming same exchange rates?
Thank you

Explanation / Answer

Asnwer:

You want to buy Yen. So you have to use Ask rate for yen. For $500, you will get: $500/$0.009470 per yen= Yen 52798.31.

and if you want to buy $, = Yen/$(Ask) = 1/($/Yen)(bid) = 1/$0.009465 = Yen 105.65

For 4,500 yen , you will get: 4,500 yen/105.65 = $45.59 (ans)

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