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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 Summary

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

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

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