Find the price of one of your favorite CDs at Cheap or What! CDs, an online CD store located in the United Kingdom. This price is expressed in terms of British pounds.

Questions

1. What is the name of the CD you selected? What is it's price in pounds?
2. According to the World Exchange Rate table provided by Digital Passport, what is the current exchange rate between the British pound and the U.S. dollar? (Note that this is expressed in terms of dollars per pound.)
3. What is the exchange value of a dollar in terms of British pounds?
4. Use this information to determine the U.S. domestic currency price of this CD. Is this price higher or lower than you would have expected to pay for this CD in a U.S. store? How could such a difference persist?