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The spot direct quotes for the Euro and the British Pound are $.1395-99 and $.1130-33,
respectively. What is the direct quote of the British Pound in Euros?

a. 1.2312-81
b. 1.2435-37
c. .0806-11
d. .0973-81
e. None of the above

Answer :

e. None of the above

First, we need to convert the quote for the Euro to a quote for the dollar, which is the inverse of the given Euro quote. After that, we can convert the dollar quote for the British Pound into Euros.

Convert the Euro quote of $.1395-99 to a quote for the dollar with respect to Euro, resulting in approximately 1/0.1395 to 1/0.1399 which is $7.1681 to $7.1487. Then, convert the direct quote for the British Pound ($0.1130-33) into Euros by dividing the British Pound in dollars by the Euro in dollars, which gives us approximately 0.1130/7.1681 to 0.1133/7.1487.

After performing the division, we end up with approximately 0.01576-0.01584 Euros for a British Pound. Recalling that direct quotes are typically given as the amount of foreign currency for one unit of the domestic currency, this suggests an answer of about 1 Euro is equivalent to approximately 63.43 to 63.62 British Pounds. However, these calculations yield an answer that is not present in the given options, so the correct choice would be e. None of the above.

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