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Assume the foreign exchange rate quotes are such that $1 is equal to 1.0428 units of...

Assume the foreign exchange rate quotes are such that $1 is equal to 1.0428 units of Australian dollars and 0.7572 units of Euros. Also, those quotes can be expressed as Australian dollars 1.0428/$ and Euros 0.7572/$. How many Euros is needed to buy 1 unit of Australian dollar?

a. Euros 0.7262/Australian dollars

b. Australian dollars 6.6262/Euro

c. Australian dollars 1.3771/Euro

d. none of the answers is correct

e. Euros 4.5738/Australian dollar

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Answer #1
$ 1 = Aust $ 1.0428
$ 1 = €                0.7572
Now we want the rate of 1 Aust $ against Euro,
Calculation of these exchange rate is called cross rate
So Euro need to buy the Aust $ = Euro Rate against Dollar / Aust $ rate against $  
So Euro need to buy the Aust $ =   0.7572 "/" By 1.0428
So Euro need to buy the Aust $ =   0.7261
So , We need 0.7261 Euro for buy one Australian Dollar
So none of the answer is correct.
Answer = Option D = none of the answers is correct
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