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review13 - A12 Foreign Exchange Assignment I have a friend...

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A12 Foreign Exchange Assignment I have a friend Laszlo Torok (Laçi) who lives in Göd, a small village just outside of Budapest Hungary. He sent an email explaining the financial problems he was having with his son’s kindergarten “Our son Barnabas is attending a kindergarten with 30 other children from our town and other neighbouring places. The kindergarten is run by a foundation and financed partly by the state and from donations from the parents. As members of the steering board of the foundation we are working on raising funds as one of the possibilities to keep the kindergarten going.” How we have got here: “The kindergarten is hosted in a newly purchased building that has a Swiss Frank mortgage on it. Due to the economic crises our currency (Hungarian Forint) has weakened from 160 to 200 against the Frank. As a result the quarterly payments of the mortgage have jumped to new highs and our very tight budget is about to collapse. 1) As of 3-2-09 the following exchange rates are: HFor/ $ = 244.38; SFr/$ = 1.17; From
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