If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom’s exchange rate with Nigeria?
A. $0.05 = N1.00
B. $0.06 =N1.00
C. $0.11 =N1.00
D. $0.12 =N1.00
Correct Answer:
Option D – $0.12 =N1.00
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