Exchange rates

If the Canadian dollar appreciated by C$0.005 relative to the US dollar, what would be the new value of the Canadian dollar per US dollar? Assume the current exchange rate was US$1 = C$0.907.

Correct answer:

r =  0.9116 US/C

Step-by-step explanation:

$$\begin{gathered} r_1=0.907 \\ (1-0.005)r=0.907 \\ r={\displaystyle \frac{0.907}{1-0.005}}={\displaystyle \frac{907}{995}}\text{ US/C}=0.9116\text{ US/C} \end{gathered}$$

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