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The value of the euro was $1
The value of the euro was $1.30 last week. During last week the USD depreciated by 3 percent. What is the value of the euro today?
| A) |
$1.26 |
|
| B) |
$1.34 |
|
| C) |
$1.30 |
|
| D) |
$1.40 |
Expert Solution
Answer: Option (B) $ 1.34
| Current Exchange Rate = $ 1.3/Euro |
| Given 1 EURO = $ 1.3 |
| $ 1 = 1/13 Euro = 0.7692 Euro |
| During last week the USD depreciated by 3 percent |
| $ 1 = 0.7692 Euro * 0.97 |
| $ 1 = 0.7462 Euro |
| 1 Euro = $ 1/0.7462 |
| 1 Euro = $ 1.34 |
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