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Assume you can exchange $1 for either €
Assume you can exchange $1 for either €.8031 euro or £.6390. What is the cross-rate between the pound and the euro?
Expert Solution
Computation of the cross-rate between the pound and the euro:-
Pound/Euro = (Pound/Dollar) * (Dollar/Euro)
= (£0.6390 / $1) * ($1 / £0.8031)
= £0.7957/€1
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