Lewis, an avid traveller, arrived at Brazil for his yearly vacation and exchanged $20,000 of...
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Accounting
Lewis, an avid traveller, arrived at Brazil for his yearly vacation and exchanged $20,000 of US currency into 101,000 Brazilian reals at a local foreign exchange bank. On departure after a month, he exchanged the remaining 5,000 Brazilian reals into $900 of US currency. Calculate the amount of loss or gain of this exchange made by Lewis on the departure date?
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