Assume that Citibank quotes you a buy rate of $1.95 per pound and a sell rate of $1.98 per pound.How much will you pay in dollars,if you buy 1,000 pound from Citibank?

Name: Assume that Citibank quotes you a buy rate of $1.95 per pound and a sell rate of $1.98 per pound.How much will you pay in dollars,if you buy 1,000 pound from Citibank?
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Question

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When buying pounds from Citibank, you use the sell rate of $1.98 per pound. Therefore, for 1,000 pounds, you will pay 1,000 * $1.98 = $1,980.

Assume That Citibank Quotes You a Buy Rate of $1