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Math help need to determine cost basis for sale of stock using currency conversion.?
I need to figure out what my cost basis was for a stock I sold. I need the amount in dollars, but have info in GBP. The year was May 1999, and the GBP to USD was 1.61541 (I believe). My family purchased the stock for 5 and 5/9 pence (5.555556 pence is that?). Can you tell me in USD what it was purchased for in USD (at the time)? I have my calculations, but not sure if it is correct. (I can send you ten dollars in Paypal cash if you can show how you got to your answer). Thank you.
1GBP = 1.61541 USD
100 pence = 1.61541 USD
1 pence = .0161541 USD
5.55555 pence = 5.55555*.0161541 = .0897 USD or 8.97 cents.
I hope its worth a bundle now.