1. Cross Rate Given these two exchange rates, $1 = 11.30 Mexican peso and $1 = €.7525, compute the cross rate between the Mexican peso and the Euro. State this exchange rate in pesos and in Euros. (Closest to)
2. Asset Management Ratios Corn Products, Corp. ended the year 2008 with an average collection period of 33 days. The firm's credit sales for 2008 were $10.6 million. What is the year-end 2008 balance in accounts receivable for Corn Products? (Consider a 365 days a year.)
$3.1132 million
$349.8 million
$0.3212 million