Assume you can exchange $1 for £.7347 today.Assume that last week,£1 was worth $1.3613.If you had converted £100 into dollars last week and then exchanged your dollars back into pounds today,you would now have a:

Question

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First, converting £100 into dollars last week at a rate of $1.3613 per £1 would have given you $136.13. Converting $136.13 back into pounds today at a rate of £.7347 per $1 gives you £100.015. This results in a profit of £.015.

Assume You Can Exchange $1 for £