An investor purchased Canadian dollars at an exchange rate of $0.97 U.S.to 1 Canadian dollar.The Canadian dollars cost her $1,000,000 (U.S.dollars).How many Canadian dollars did she buy?

Question

Quizplus · Accepted Answer

The investor purchased Canadian dollars at an exchange rate of $0.97 U.S. to 1 Canadian dollar. So, for every $0.97 U.S., she gets 1 Canadian dollar. To find out how many Canadian dollars she bought, we need to divide the amount she spent in U.S. dollars by the exchange rate.$1,000,000 (U.S. dollars) / $0.97 (U.S. dollars per Canadian dollar) = 1,030,927.84 Canadian dollarsTherefore, the investor bought 1,030,927 Canadian dollars.

An Investor Purchased Canadian Dollars at an Exchange Rate of $0.97