You just received a gift from a friend consisting of 1,000 Thai baht, which you would like to exchange for Australian dollars (A$). You observe that exchange rate quotes for the baht are currently $.023, while quotes for the Australian dollar are $.576. How many Australian dollars should you expect to receive for your baht?
A) A$39.93.
B) A$25,043.48.
C) A$553.00.
D) none of the above

Question

Quizplus · Accepted Answer

SOLUTION:
$.023/$.576 × THB1,000 = A$39.93.

You Just Received a Gift from a Friend Consisting of 1,000