Suppose the direct exchange rate for the Canadian dollar and U.S. dollar is 1.11, this means that you can buy $1 U.S. for $1.11 Canadian.

Question

Quizplus · Accepted Answer

The direct exchange rate of 1.11 for the Canadian dollar to the U.S. dollar means that 1 U.S. dollar can be exchanged for 1.11 Canadian dollars, indicating the amount of foreign currency needed to buy one unit of the domestic currency.

Suppose the Direct Exchange Rate for the Canadian Dollar and U.S