A bank in Toronto charges 2.7% commission to buy and sell currencies. Assume that the current exchange rate is US$1 = C$1.1163. a. How many Canadian dollars will you have to pay to purchase US$3,000? Round to the nearest cent b. How much commission in Canadian dollars (C$) will you pay the bank for the above transaction? Round to the nearest cent

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A: see below the answer

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A: see below the calculation and answer

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A: A detailed solution is given below.

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A: Solution is given as below:

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A: see below the answer

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A: See the details solution in below

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A:

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.