Crane Pharma just received revenues of $3,164,400 in Australian dollars (A$). Management has the following exchange...
Crane Pharma just received revenues of $3,164,400 in Australian dollars (A$). Management has the following exchange rates: A$2.69000/£ and $1.5906/£. What is the U.S. dollar value of the company’s revenues? (Round intermediate calculation to 4 decimal places, e.g. 15.2578 and final answer to the nearest whole dollar, e.g. 5,275.)
Please write out the equation and steps. I am trying to teach myself.
Homework Answers
Cross rate USD/A$ = (USD/Euro)*(Euro/A$)
= 1.5906*1/2.69
= USD 0.5913/A$
Hence, US dollar value of revenues = value in Australian Dollars*Exchange rate
= 3,164,400*0.5913
= US Dollars 1,871,109.72
I.e. $1,871,110
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