2. Foreign exchange rate quotations Aa An exchange rate is the price of one coun

Question

2. Foreign exchange rate quotations Aa An exchange rate is the price of one country's aurrency expressed in another country's currency The exchange rates of the euro () and the Japanese yen (t) relative to the U.S. dollar ($) are listed as follows: Euro Yen Spot Rate 0.6589 $ ¥99.44 / $1 When exchange rates are stated as quotation, the foreign exchange rate represents the number of American dollars that can be purchased with one unit of domestic currency. How many yen (X) can one curo ( I) purchase? X15032 ¥166.01 ¥181.10 You know the exchange rate of the euro and the yen in terms of the doilar INS DEL BACK SPAC

Explanation / Answer

So, 0.6589 Euro = 99.44 Yen there 1 Euro = 99.44/0.6589 yen = 150.92 yen So 150.92 yen can purchase 1 Euro Answer: 150.92 Considering what you know, you would need to calculate the doller Rate Between the euro and the yen to get their exchange rate. Direct and Indirect quotations have and a reciprocal relationship

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