Assume You Can Exchange C$157 with £100

question 44

Multiple Choice

Assume you can exchange C$157 with £100.Also assume you can exchange C$1.01 for $1 and $1.62 for £1.How much profit can you earn in U.S.dollars if you start out with $100?

• A)$4.22
• B)$1.61
• C)$4.13
• D)$1.64
• E)$0

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Definitions:

Certificates of Deposit

Time deposit financial products provided by banks that offer a fixed interest rate in exchange for keeping a deposit untouched for a predetermined period.

Petty Cash

A small amount of cash on hand used for covering minor expenses, managed through a petty cash fund.

Money Orders

A financial instrument, purchased for a specific amount of money, that is used for making payments from one party to another.

Internal Control System

Processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.