Salem Purchased a Shirt for US$20 from the Niagara Outlet

Multiple Choice

Salem purchased a shirt for US$20 from the Niagara outlet mall in Buffalo on his credit card. The actual transaction on the statement shows a value of C$22.45. It also includes 2.5% commission. Calculate the exchange rate used by the bank on the statement?

A) US$1 = C$1.1225
B) C$1 = US$0.891
C) US$1 = C$1.0944
D) C$1 = US$0.9111
E) US$1 = C$1.0976