Suppose we hear on the news that the Canadian dollar is valued at 94.6 U.S. cents. In this case, the Canada- U.S. exchange rate is

Question

Quizplus · Accepted Answer

The exchange rate between Canada and the U.S. is given as the value of one Canadian dollar in terms of U.S. dollars. Therefore, if the Canadian dollar is valued at 94.6 U.S. cents, then one Canadian dollar is equal to 0.946 U.S. dollars. To calculate the exchange rate, we need to find the value of 1 Canadian dollar in terms of U.S. dollars, which is 0.946 U.S. dollars. In other words, 1 Canadian dollar is worth 0.946 U.S. dollars, or the exchange rate is 1:0.946, which simplifies to 1.057. Therefore, the exchange rate is 1.057 U.S. dollars per Canadian dollar, or 1.057.

Suppose We Hear on the News That the Canadian Dollar