Answer:

c. 6.25%

Explanation:

The bid-ask spread percentage is calculated using the following formula:

Spread Percentage = [tex]\frac{askRate-bidRate}{askRate} *100[/tex]

Given the bid rate ($1.50) and ask rate ($1.60) for the British pound, we can substitute these values into the formula:

= (1.6-1.5)/1.6 *100 = 6.25% (approx)