The Figure Given Below Depicts the Foreign Exchange Market for British

Multiple Choice

The figure given below depicts the foreign exchange market for British pounds traded for U.S. dollars.Figure 22.2

-Suppose a U.S. importer purchases "Mexican Oaxaca" cheese for $500. If the present exchange rate is Mexican peso (MXP) 10 per U.S. dollar, and the MXP appreciates 10 percent against the U.S. dollar between the date of purchase and the date of payment, then the peso value of the invoice when payment is due is:

A) MXP 500.
B) MXP 550.
C) MXP 4,500.
D) MXP 5,500.
E) MXP 4,450.