Question

In: Finance

Exchange Rate

The exchange rate is 1.1069 Swiss francs per U.S. dollar. How many U.S. dollars are needed to purchase 9,874 Swiss francs? Enter your answer rounded off to two decimal points.

Solutions

Expert Solution

Exchange Rate = 1.1069 Swiss franc per US Dollar

Swiss Franc needed = 9,874 Swiss Franc

\( \begin{align}\rm\text{Number of US Dollar required} &= \frac{Amount \ of \ swiss \ franc \ needed}{Exchange \ Rate}\\ &= \frac{9,874\rm\text{ Swiss Franc}}{1.1069\rm\text{ Swiss Franc per \$}}\\ & =\$ 8,920.41 \end{align} \)

So, it requires $8,920.41 to get 9,874 Swiss Franc

$ 8,920.41 are needed to buy 9,874 Swiss Franc

Vinay answered 3 years ago
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