If the Number of ¥ Per C$1

question 248

Short Answer

If the number of ¥ per C$1.00 declines from 97.561 to 95.445, what will be the change in the C$ price to an importer of a ¥195,000 item?

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Definitions:

Normal Approximation

A method used in statistics to approximate a binomial distribution with a normal distribution when the sample size is large and the probability of success is not too close to 0 or 1.

Cumulative Binomial Probabilities

The sum of probabilities of achieving a given number of successes in a fixed number of Bernoulli trials.

Relative Frequency

The ratio of the number of times a specific value or event occurs to the total number of occurrences in a given dataset.

Population

The entire group of individuals or instances about whom the research is concerned.