A newspaper provides spot exchange rate of $1 = £.7555 and 1-year forward rate of $1=£.7755. You’ll also need to use the additional information provided in the problems. Jay has Euro 1,000 wishes to...

A newspaper provides spot exchange rate of $1 = £.7555 and 1-year forward rate of $1=£.7755. You’ll also need to use the additional information provided in the problems.

1. Jay has Euro 1,000 wishes to trade out of euro and into Pound. The USD-Euro exchange rate is quoted as $1.30 = Euro1.00. How much Pound will the customer get, 2 decimal places?