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A Project Was Tendered in 2009 for US$3

Question 152

Multiple Choice

A project was tendered in 2009 for US$3.5 million, when the exchange rate was US$1.0315 per $C. It started building in 2010 and the money was borrowed from the Canadian bank when the exchange rate fell to US$0.971 per $C. What is the increase in the amount borrowed?


A) $104 531
B) $106 883
C) $110 250
D) $5719
E) $211 750

Correct Answer:

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