Upon arrival at the international airport in the country of Canteberry, Charles Alt exchanged $240 of U. S. currency into 600 florins, the local currency unit. Upon departure from Canteberry’s international airport on completion of his business, he exchanged his remaining 120 florins into $36 of U. S. currency.

Required:
a. Determine the currency exchange rates for each of the cells in the following matrix for Charles Alt's business trip to Canteberry.

Arrival Date Departure
Date Direct exchange rate
Indirect exchange rate

c. Did Charles experience a foreign currency transaction gain or a loss on the 100 florins he held during his visit to Canteberry and converted to U. S. dollars at the departure date?

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If the reserve requirement is 10 percent, what amount of excess reserves does a bank acquire when a business deposits a $500 check drawn on another bank?