With a direct quote for the Renminbi (the currency unit in China) is 0.1568. Which of the following is true?
I. It costs you C$1.00 for 0.1568 Renminbi
II. It costs you C$0.1568 for 1.00 Renminbi
III. Your C$1.00 can buy 6.3776 Renminbi
IV. You have to use C$6.3776 to buy 1.00 Renminbi

Question

Quizplus · Accepted Answer

A direct quote for the Renminbi being 0.1568 means 1 unit of foreign currency (Renminbi) is equivalent to 0.1568 of the home currency (Canadian dollars, in this case). Therefore, it costs C$0.1568 to buy 1.00 Renminbi (II), and C$1.00 can buy 1/0.1568 = 6.3776 Renminbi (III).

With a Direct Quote for the Renminbi (The Currency Unit