Explore BrainMass
Share

Foreign Currency - Keeping Track

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Can you explain how I can keep track of what one foreign currency is worth in dollars?

© BrainMass Inc. brainmass.com October 24, 2018, 9:07 pm ad1c9bdddf
https://brainmass.com/business/foreign-exchange-rates/117160

Solution Preview

First of all let me explain you the basics of foreign exchange or currency:

The foreign exchange market is a dynamic market and is not uniform through out through out the world. It may be regulated or semi regulated or totally free. Hence the currency management has gained importance. This is more visible now due to rapid globalization and increasing volatility in the external environment. Foreign exchange refers to money denominated in the currency of another country. The exchange rate is a price-the number of units of one nation's currency that must be surrendered in order to acquire one unit of another nation's currency. In the spot market, there is an exchange rate for every other national currency The forex market is essentially governed by the law of supply and demand and is generally not regulated by any government or coalition of governments. This is true in the U.S., where participation in the forex market is not regulated. The prices set for each country's money is determined by the desire of those trading to acquire more of it or to hold less of it. Each individual acts on the belief that he or she will benefit from the transaction. Need of foreign exchange:
? They are needed to conduct international transactions like import and export of goods and services. It is a common mechanism for providing access to foreign currencies, so that payments can be made in a form acceptable to foreigners. In other words, there is need for "foreign ...

Solution Summary

The solution explains how to keep track of exchange rates for foreign currencies.

$2.19
See Also This Related BrainMass Solution

Develop the database design for RoboBoys

Scenario:
Jim and Tim are brothers who have a love of robots. They started a home based business called 'RoboBoys' where they custom build robots for fun, gifts, competition and decoration. Both men hold degrees in engineering and started doing this in their garage a year ago to escape the boredom of winter. Little did they know that their pet project was going to turn into an international success. For a school project six months ago, Jim's daughter Jill created a small website that contained photos of their robots and an email address for anyone with questions. People only had one question, "When can I get one?" The people who then became customers wanted their robots personalized with their name, special colors or sayings. Before they knew it, the brothers had to quit their engineering job to keep up with orders. They started using a spreadsheet to track information, but now, their customer list is getting too long. The details of the invoices, shipping and custom requests needed to be tracked in a 'sortable' fashion so that it can be kept current for the customer, the government and their own sanity. You've been hired by Jim and Tim to advise them on possible solutions and implement the solutions they choose. You're leaning toward a relational database management system (RDBMS).

Individual Portion:
Prepare a set of PowerPoint slides explaining the following.

Table structure and fields
Primary keys and data/entity relationships
Business rules
Logical and physical models

View Full Posting Details