29 Dec Converting currencies
Converting currencies
Attached are converting currency problems with a table to reference.
The data for Study Problems 22-1B through 22-2B 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
22-1B. (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?
22-2B. (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?
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