Use the Information Below to Answer the Following Question If You Had €1,000,000 and Traded It for USD at
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question 5

Essay

Use the information below to answer the following question.
$\begin{array}{rccccc} &{\text { Exchange Rate }} & \text { Interest Rate } & \text { APR } \\ S_{0}(\$ / €) & \$ 1.60= €1.00 &i \$ & 2 \% \\F_{360}(\$ / €) & \$ 1.58= € 1.00& i € & 4 \%\end{array}$ If you had €1,000,000 and traded it for USD at the spot rate,how many USD will you get?

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Definitions:

American Revolution

The period from 1765 to 1783 in which the thirteen American colonies won independence from British rule, establishing the United States of America.

Manumit

To release from slavery; to free a slave by the owner's decision.

Free Black Population

Describes Black individuals who were not enslaved, especially pertinent in pre-Civil War America.

Virginia Slaves

Enslaved African Americans who lived and worked in Virginia, historically one of the original thirteen colonies in the United States.