"economics"exercise:Cross exchange rate of SGD
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Questions 1:
A New Zealand traveler returned from Singapore with SGD7,500 (Singapore dollars). A foreign exchange dealer provided the traveler with the following quotes:
The amount of New Zealand dollars (NZD) that the traveler would receive for his Singapore dollars is closest to:
A、 NZD7,248.
B 、NZD4,565.
C、 NZD7,761.
Questions 2:
A dealer report includes the following exchange rate details:
The expected CAD/CHF cross rate in one year is closest to:
A 、1.04.
B、 0.98.
C 、1.02.
A is correct. The NZD/SGD cross-rate is NZD/USD × USD/SGD = 0.7670 × 1.2600 = 0.9664. The traveler will receive: NZD0.9664 per SGD; NZD0.9664 × SGD7,500 = NZD7,248. B is incorrect. It calculates NZD/SGD incorrectly by inverting USD/SGD (0.7670 × 1/1.26 = 0.6087) and multiplying by 7,500 = 4,565 NZD. This is equivalent to incorrectly first converting to USD (1/1.26 × 7,500 SGD) to give 5,952 USD and then converting to NZD ($5,952 × 0.7670 NZD/$ = 4,565 NZD). C is incorrect. It calculates the cross rate correctly, but divides it into 7,500: 7,500/0.9664 = 7,761
C is correct.
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