Suppose that Bank of America quotes you a buy rate of $1.50 per pound and a sell rate of $1.60 per pound.If you sell 1,000 British pounds to Bank of America,Bank of America will have too many British pounds.To square off:
A) the bank has to increase both the buy and sell rates.
B) the bank has to increase the buy rate but lower the sell rate.
C) the bank has to lower the buy rate but increase the sell rate.
D) the bank has to lower both the buy and sell rates.
Correct Answer:
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