Upon arrival at the international airport in the country of Canteberry, Charles Alt exchanged $280 of U.S. currency into 1,400 florins, the local currency unit. Upon departure from Canteberry’s international airport on completion of his business, he exchanged his remaining 80 florins into $8 of U.S. currency.

 Upon arrival at the international airport in the country of Canteberry, Charles Alt exchanged $280 of U.S. currency into 1,400 florins, the local currency unit. Upon departure from Canteberry’s international airport on completion of his business, he exchanged his remaining 80 florins into $8 of U.S. currency.

Required:

a. Determine the currency exchange rates for each of the cells in the following matrix for Charles Alt’s business trip to Canteberry.

fl = florins

c. Did Charles experience a foreign currency transaction gain or a loss on the 80 florins he held during his visit to Canteberry and converted to U.S. dollars at the departure date?

 

Thanks