Penn sold goods to an Egyptian company for 280,000 Egyptian…
Questions
Penn sоld gооds to аn Egyptiаn compаny for 280,000 Egyptian pounds on December 3, 20X4, with payment due on January 20, 20X5. The exchange rates were as follows. Exchange Rates Date Currency Exchange rate December 3, 20X4 1 Egyptian pound = $ 0.1593 December 31, 20X4 1 Egyptian pound = $ 0.1609 January 20, 20X5 1 Egyptian pound = $ 0.1604 Based on this information, which of the following is true of the dollar's movement vis-à-vis the Egyptian pound during the period? Answer Options Option December 3 to 31 January 1 to 20 A Dollar weakened Dollar strengthened B Dollar weakened Dollar weakened C Dollar strengthened Dollar strengthened D Dollar strengthened Dollar weakened