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    Foreign Exchange Rates

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    When I was in Mexico in 1998, the hotel room costs MP950 per night. Today the same room costs MP1050. During the same period the exchange rate went from MP12.56/$ to MP 8.9340/$.

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    Solution Preview

    In 1998, MP12.56 = $1
    Therefore, MP950 = $950/12.56 = $75.64 ...

    Solution Summary

    The expert examines foreign exchange rates. The same room costs are given.