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Dear John,
In the options part of the question to convert USD 38 621 spot rate 1.5475 is used.
However I used 1.5510.We recieve dollars and we need to convert them to pound, so it means we will sell dollars, so 1.5510 is the sell rate.
Can you tell me where I go wrong ?
They are converting USD 59,766 to pounds.
The $59,766 is the premium, and the premium is payable. Therefore they are buying dollars and the relevant exchange rate is therefore 1.5475
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