When The CD Matured Exactly One Year After He Purchased It, Robert Received $843.57. How Many Euros Had Michel Given Robert?
Michel sent Robert a check payable in euros. He asked Robert to put the money into a savings account in an American bank for one year. Robert converted the euros to dollars on a day when the exchange rate was $1.26 per euro. He used that money to purchase a one-year certificate of deposit (CD) that paid 3% interest.
When the CD matured exactly one year after he purchased it, Robert received $843.57. How many euros had Michel given Robert?
asked Jun 11 12:00:00 AM