Carla Vista Corporation’s recent sale to a firm in Mexico produced revenues of 13,880,000 Mexican pesos...
Carla Vista Corporation’s recent sale to a firm in Mexico produced revenues of 13,880,000 Mexican pesos (MPs). If the firm sold the pesos to its bank and was credited with $902,200.00, what was the spot rate at which the pesos were converted?
Homework Answers
Solution:
As per the information given in the question we have
Sales revenues in Mexican pesos (MPs) = 13,880,000 MPs
Dollar Amount credited to the bank on sale of the Mexican pesos (MPs) to the Bank = $902,200.00
The spot rate at which the pesos were converted = Sales revenues in Mexican pesos / Dollar Amount credited to the bank
= 13,880,000 MPs / $ 902,200.00
= 15.384615 MPs
Thus the spot rate at which pesos were converted is 1 $ = 15.384615 MPs
= 15.3846 MPs ( when rounded off to four decimal places )
= 15.38 MPs ( when rounded off to two decimal places )
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