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Question
Robben Inc. converts $1,000,000 into euros when the exchange rate is $1 = 0.75. After three months, the company converts this back into dollars when the exchange rate is $1 = 0.80. Which of the following is the outcome of this transaction?
A. A loss of $62,500
B. A loss of $66,667
C. A gain of $50,000
D. A gain of $62,500
E. A loss of $50,000
Answer
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