Given the following quotes, calculate the €/£ cross rate. (Round answer to 4 decimal places, e.g....
Given the following quotes, calculate the €/£ cross rate. (Round answer to 4 decimal places, e.g. 15.2578. Do not enter currency sumbols in your answer.)
Bank of America $1.695/£
JP Morgan Chase $1.3919/€
Cross rate € /£
Homework Answers
Bank of America - $1.695/£
JP Morgan Chase - $1.3919/€
Cross rate- Cross-rate is the exchange rate between two currencies calculated by reference to a third currency particularly the USD.
Cross rate € /£ can be calculated using the following equation:
Cross rate € /£ = [$1.695/£]/[$1.3919/€] = €1.2178/£
Answer -> €1.2178/£
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