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1. Ali sold US\$140 to a bank when the exchange rate was C\$1 = US\$0.9217. The bank charged him a commission of 0.55%.

a. What is the value of US\$140 in C\$?

b. How many Canadian dollars did he receive from the bank for US\$140?

A shoe store purchases a new model of walking shoes at \$73 per pair. The store's operating expenses are 13.00% on cost and the rate of markup on cost is 41.00%.

a. What is the selling price per pair of shoes?

b. What is the rate of markup on selling price?

c. What is the amount of operating profit on each pair of shoes?

3.Identify the last date of the discount period and the credit period for the payment terms with ordinary dating.

Invoice Date: August 2, 2014

Payment Terms: 3/10, 2.5/30, n/60

a. What is the last date of discount period?

August 12, 2014

August 12, 2014

September 1, 2014

September 1, 2014

August 16, 2014

August 16, 2014

b. What is the last date of credit period?

September 16, 2014

September 16, 2014

October 1, 2014

October 1, 2014

September 1, 2014

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