Question

21-1 Assume the foreign exchange selling rates shown below for a few selected currencies

	US $ equivelant
a-British Pounds	$1.4022
b-Indian Rupees	$0.0153
c-Japanese Yen	$0.0094
d-Australian Dollars	$0.7716
e-Mexican Pesos	$0.0538
f-Israeli Shekels	$0.2878

Calculate the number of the following foreign currencies that can be bought with 1 million US dollars

a-British Pounds

b-Indian Rupees

c-Japanese Yen

d-Australian Dollars

e-Mexican Pesos

f-Israeli Shekels

I assume it is just $1000000*exchange rate of each country but want to be sure. Please show calculations

Answer 1

Direct Quot means, taking Base Currency(Foriegn Currency) as Commodity,

As Exchange Rate given is Direct Quote, No. of Curriencies For 1 Million USD = 1000000 / Exchange Rate

		US $ Equivalent	No. of Curriencies For 1 Million USD	Calculation
a	British Poound	$        1.4022	$             713,165.03	1000000 / 1.4022
b	Indian Rupees	$        0.0153	$       65,359,477.12	1000000 / 0.0153
c	Japanese Yen	$        0.0094	$    106,382,978.72	1000000 / 0.0094
d	Australian Dollars	$        0.7716	$         1,296,008.29	1000000 / 0.7716
e	Mexican Pesos	$        0.0538	$       18,587,360.59	1000000 / 0.0538
f	Islraeli Shekels	$        0.2878	$         3,474,635.16	1000000 / 0.2878

Note: If Indirect Quote is given,  

No. of Curriencies For 1 Million USD = 1000000 * Exchange Rate