An exchange rate equals the price of one currency in terms of another. Exchange rates dictate how much residents in...

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 An exchange rate equals the price of one currency in terms of another. Exchange rates dictate how much residents in one country must pay for goods imported from abroad, and how much residents in other countries must pay for goods exported from the first country. The current market exchange rate is called the "spot exchange rate." The "forward exchange rate" is the exchange rate used in the exchange of bank deposits at some specified future date, known as a "forward transaction."

The table below reports the monthly Canadian dollar/U.S. dollar exchange rate (defined as the number of Canadian dollars that purchase one U.S. dollar).

Canadian Dollar/U.S. Dollar Spot Exchange Rate
(June-October 2003)
June 2003July 2003Aug. 2003Sept. 2003Oct. 2003
1.3525 C$/US$1.3821 C$/US$1.3963 C$/US$1.3634 C$/US$1.3221 C$/US$
 
  1.1.In July 2003, how many U.S. dollars could you purchase with 100 Canadian dollars? (Round to the nearest cent.) 
   
 
 [removed]
 
  U.S. dollars
Please enter 2 digits after the decimal point.
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