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Exchange rate between the dollar and the pound

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The United States adopted the gold standard in 1879 and defined the U.S. dollar as $1 = 23.22 grains of fine gold. With 480 grains per troy ounce, it took $20.67 to equal one ounce of gold. Similarly, the British pound was defined as £1 = 113 grains of fine gold. So it took £4.2474 to equal one ounce of gold. What was the exchange rate between the dollar and the pound according to the law of one price? Answer to be to four decimal places.

Reference no: EM131876897

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