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:

r1=0.907 (1−0.005)r=0.907  r=0.9071−0.005=907995=0.9116 US/C

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