Came across the following question. The answer provided is A but I think B is correct. Can anyone please confirm?
A New Zealand traveler returned from Singapore with SGD 7,500 (Singapore dollars). A foreign exchange dealer provided the traveler with the following quotes:
Ratio Spot Rates
The amount of New Zealand dollars (NZD) that the traveler would receive for his Singapore dollars is closest to:
A. NZD 7,248
B. NZD 7,761
C. NZD 4,565
Answer = A
The NZD/SGD cross-rate is NZD/USD x USD/SGD = 0.7670 x 1.2600 = 0.9664
The traveler will receive: NZD0.9664 per SGD; NZD0.9664 x SGD7,500 = NZD7,248
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