if we were still on the gold standard and the price of gold was $20.67 USD/oz, or$23 CAD/oz, what is the USD/CAD exchange rate?
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Given : still on the gold standard and the price of gold was $20.67 USD/oz, or$23 CAD/oz,
To Find : USD/CAD exchange rate
Solution:
price of gold $20.67 USD/oz,
price of gold $23 CAD/oz,
=> $20.67 USD = $23 CAD
=> 1 USD = 23 /20.67 CAD
=> 1 USD $ = 1.1127 CAD $
or
$20.67 USD = $23 CAD
=> 20.67/23 USD = 1 CAD
=> 0.8987 USD $ = 1 CAD $
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