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Julli [10]
2 years ago
7

If the nominal exchange rate between the American dollar and the Canadian dollar is 0.89 Canadian dollars per American dollar, h

ow many American dollars are required to buy a product that costs 2.5 Canadian dollars
Business
1 answer:
xxMikexx [17]2 years ago
6 0

If the nominal exchange rate between the American dollar and the Canadian dollar is 0.89 Canadian dollars per American dollar, 2.81 American dollars are required to buy a product that costs 2.5 Canadian dollars.

<h3>What do you mean by nominal exchange rate?</h3>

The nominal exchange rate refers to the number of units that a domestic currency can purchase the units of a given foreign currency.

As per the given information, 0.89 Canadian dollars per American dollar is the nominal exchange rate. Simply buy a product that costs 2.5 Canadian dollars, 2.81 American dollars are required (2.5/0.89).

Therefore, 2.81 American dollars are needed to buy a product that costs 2.5 Canadian dollars.

Learn more about the nominal exchange rate here:

brainly.com/question/17185766

#SPJ1

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