At the start of the year, the exchange rate was £1=1.40 CAD£1 = 1.40\text{ CAD}£1=1.40 CAD. By the end of the year, the pound sterling (£) appreciated by 15% against the Canadian dollar (CAD). If a UK firm exports £50 000 £50\,000\,£50000 worth of goods to Canada, how many Canadian dollars (CAD) will be received after the currency appreciation?
70 000 CAD70\,000\text{ CAD}70000 CAD
80 500 CAD80\,500\text{ CAD}80500 CAD
77 500 CAD77\,500\text{ CAD}77500 CAD
57 500 CAD57\,500\text{ CAD}57500 CAD
