How many bzr do they receive from jp morgan

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Reference no: EM133269817

Question - A customer asks JP Morgan to quote them the spot exchange rate for the Brazilian real (BZR) against the South African rand (SAR) and to quote the rate as the number of SAR per BZR. The customer has not said which direction they want to the trade so JP Morgan quotes a bid and an ask rate. JP Morgan quotes the rate as 3.35 - 3.36. Suppose the customer decides to sell 12 mio SAR to JP Morgan. At what rate do they trade and how many BZR do they receive from JP Morgan?

Reference no: EM133269817

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