a) Based on the exchange rates in Problem 20, to the nearest 0.01%, what was the percent transaction cost on your purchase of €1100 from each of the Royal Bank and ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.
b) You returned from your trip to Italy with €53. Assuming the exchange rates remained the same, what percent transaction cost would you have paid to convert €53 back to C$ at the Royal Bank and at ICE?

Question

Quizplus · Accepted Answer

The Answer of a) Based on the exchange rates in Problem 20, to the nearest 0.01%, what was the percent transaction cost on your purchase of €1100 from each of the Royal Bank and ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.
b) You returned from your trip to Italy with €53. Assuming the exchange rates remained the same, what percent transaction cost would you have paid to convert €53 back to C$ at the Royal Bank and at ICE?

A) Based on the Exchange Rates in Problem 20, to the Nearest