Exchange Rate Quote Convert the Following Direct Quote to a Dollar

question 39

Multiple Choice

Exchange Rate Quote Convert the following direct quote to a dollar indirect quote: 1 Indian Rupee = $0.02250

• A) 0.02250 Rupee
• B) 0.9775 Rupee
• C) 1.0225 Rupee
• D) 44.44 Rupee

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Definitions:

Tax-Free

Earnings, income, or transactions that are not subject to tax by the government.

Incorporation

The process of legally constituting a company or corporation, offering protection to owners from personal liability for the company's debts and obligations.

Capital Loss Carryforward

A provision allowing taxpayers to use a net capital loss in one year to offset a net capital gain in future years, subject to limitations.

Capital Loss Carryback

Capital Loss Carryback is a tax provision allowing taxpayers to apply a net capital loss to past tax years’ returns to receive a tax refund for taxes previously paid on capital gains.