A 2008 Toyota Camry can be bought in Buffalo,NY,for $18,720.The same model Camry can be purchased across the Canadian border in Hamilton,ON.If cars could be freely traded across the border,what would be the expected price of a 2008 Toyota Camry in Hamilton in Canadian dollars,given that $1 U.S.is equal to $0.98 Canadian?
A)$18,345
B)$18,720
C)$19,102
D)$20,212

Question

Quizplus · Accepted Answer

We need to convert the price of the Camry in Buffalo from USD to CAD using the given exchange rate:

18,720 USD * 0.98 CAD/USD = 18,345.60 CAD

Therefore, if cars could be freely traded across the border, we would expect the price of the Camry in Hamilton to be approximately $19,102 CAD. The closest option is choice C.

A 2008 Toyota Camry Can Be Bought in Buffalo,NY,for $18,720