Explain how the answer is derived to earn partial credit

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Reference no: EM131344159

Please answer the following questions in no less than 100 words:

Suppose the quote on pounds was $1.624-31. If you converted $10,000 to pounds and then back to dollars, how many dollars would you end up with? Please explain how the answer is derived to earn partial credit. (Hint: you pay the ask price when buying pounds and pay the bid price when you resell the pounds.)

Reference no: EM131344159

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