Assume that on Friday, one South African rand was worth $.0953 and on the following Monday the value was $.0962. Also assume one Kuwaiti dinar was worth $3.56 on Friday and $3.54 on the following Monday. Given these rates, which one of the following statements must be correct?

Question

Quizplus · Accepted Answer

The South African rand appreciated from Friday to Monday against the U.S. dollar because its value increased from $.0953 to $.0962. Option A is incorrect because it states the rate for Thursday, which is not given in the problem. Option B is incorrect because it assumes the value of one U.S. dollar in rands, which is not explicitly given in the problem. Option C is incorrect because it states that both currencies appreciated, but the Kuwaiti dinar actually depreciated. Option E is incorrect because it states that the U.S. dollar depreciated against the Kuwaiti dinar, but it actually appreciated from $3.56 to $3.54.

Assume That on Friday, One South African Rand Was Worth