Merl is a canadian exchange student in china and he currently has 12000 yuan in his bank account. If the exchange rate changes from 1 canadian dollar= 6.78 chinese yuan what happens to the value in canadian dollars of the money in merla bank account
Amount of money Merl has 12000 Yuan but 1 canadian dollar=6.78 chinese yuan thus converting amount Merl has to dollars we get: 12000/6.78 =$1,769.91 this implies that the value in Canadian dollars will be $1,769.91
