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Asked by maham237 @ in Mathematics viewed by 147 People
Answered by maham237 @
Answer:
8.48%
Explanation:
First we calculate the future value of the investment of 10,000 pound invested at an interest rate of 5% for one year.
Future value = 10000(1+0.05)^1
Future Value = 10,500.
Now converting that into dollar:
At $1.65 per pound = $17,325
At $1.51 per pound = $15,855
Hence the dollar has gained its value against the pound sterling by almost 8.5%.
Good luck and cheers.
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