02 Jan ou have just won
WEEK 6: BUDGETS IN A FOREIGN CURRENCY AND CURRENCY TRANSLATION
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You have just won a free trip to the destination of your choice and all airline or other transportation costs are provided (OK, this is just pretend!), but you need to budget for your expenses during the 3 days you will be there, because you want to be able to buy the correct amount of foreign currency.
Using either the direct method or indirect method, prepare a budget to include your hotel, food, and entertainment costs for the 3 days. Select one of the recommended locations listed below and then, using the appropriate foreign currency conversion rate for the end of month prior to your departure date (today), tell the class the currency exchange method, currency need for your location, quoted price, Internet link to that quote, budget amount in U.S. dollars, and the amount of foreign currency you will need when you arrive.You may choose any of the following locations: Paris, France; London, England; Sydney, Australia; Hong Kong, China; or Agra, India.
For historical currency quotes, http://www.x-rates.com/ (Links to an external site.)Links to an external site. is one recommended site.
For your response discussion requirement, critically examine the budget and currency calculations of another student. Tell that student what he or she did correctly or incorrectly. (CO 4)
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