A New Zealand traveler returned from Singapore with SGD7,500 (Singapore dollars). A foreign exchange dealer provided the traveler with the following quotes:
USD: US dollar; NZD: New Zealand dollar
The amount of New Zealand dollars (NZD) that the traveler would receive for his Singapore dollars is closest to:
1 NZD to 0.7670 USD –> 1 USD to 1.303781 NZD
And 1 USD to 1.26 SGD
So, 1.26 SGD to 1.303781 NZD –> 1 SGD to 1.034747 NZD
Since the traveler has SGD 7,500.00 in his pocket, he will received (1.034747 x 7,500.00 = 7,760.61) NZD.
I chose answer 3.
But it’s incorrect and the answer should be 1.
Could anybody please help me on where did I gone wrong?