Trident Corp. recently purchased machinery parts worth 23.5 million Mexican Pesos (MP). Management needs to know the U.S. dollar cost of the payables. It has access to two quotes for Canadian dollars (C$): C$1.0774/$ and C$0.0981/MP. What will it cost Trident to purchase 23.5 million Mexican pesos? (Do not round your intermediate calculations. Round your final answer to the nearest dollar.)

Question

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First, convert Mexican Pesos to Canadian dollars: 23.5 million MP * C$0.0981/MP = C$2,305,350. Then, convert Canadian dollars to U.S. dollars: C$2,305,350 / C$1.0774/$ = $2,139,735.