Problem
Suppose the U.S. dollar price of a British pound is $1.50; the dollar price of a euro is $.90; a hotel room in London, England, costs 120 British pounds; and a comparable hotel room in Hanover, Germany, costs 220 euros.
a. Which hotel room is cheaper to a U.S. tourist?
b. What is the exchange rate between the euro and the British pound?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.