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1) A bank in London, Ontario charges a 3.00% commission to buy and sell currencies....

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Accounting

1) A bank in London, Ontario charges a 3.00% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.3107.

a. How many Canadian dollars will you receive from the bank if you sell US$1,310?

b. How much commission will you pay the bank for this transaction?

2) A clothing distributor in Ajax, Ontario sells a designer suit for $1,505 less a discount of 35.00%. Another distributor in Oshawa, Ontario sells a similar designer suit for $1,435 less a discount of 20.00%.

a. Which distributor offers the cheaper price for the suit?

b. What further trade discount should the distributor with the more expensive suit offer to match the price of the suit offered by the other distributor?

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