To determine how many U.S. dollars it costs to buy 1 British pound (GBP), we need to look at the provided exchange rate quote for GBP/USD, which is listed as 1.5869/76.
In this context, the exchange rate quote is presented in the format:
[tex]\[ \text{GBP/USD = (\text{bid price}) / (\text{ask or offer price})} \][/tex]
where:
- The bid price (1.5869) is the price at which the market (or a dealer) will buy 1 British pound.
- The ask price (1.5876) is the price at which the market (or a dealer) will sell 1 British pound.
Since we want to know the cost in U.S. dollars to buy 1 British pound, we need the ask price. The ask price represents how much it costs in USD to purchase 1 GBP.
Given the ask price is 1.5876, it will cost 1.5876 U.S. dollars to buy 1 British pound.
Therefore, the correct answer is:
B. 1.5876
