Assume that $1 is equal to £.77 and equal to C$1.27. Based on this, you could say that C$1 is equal to: C$1(£.77/C$1.27) = £.61. The exchange rate of C$1 = £.61 is referred to as the:
A) open exchange rate.
B) cross-rate.
C) backward rate.
D) forward rate.
E) interest rate.
Correct Answer:
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