Section1.2_Currency Exchange_V2.notebook
September 22, 2015
1.2 Currency Exchange
• Currency is a system of money a country uses. • Countries can have different currency. • Exchange rates show the price of one country’s currency in comparison to another country’s currency.
• When you are traveling or buying items outside of Canada, it is important to know the currency exchange rates.
• Exchange rates change every day.
• Current exchange rates can be found online. You can also download Apps for this.
• A number of countries use $ (dollar) as a symbol for money.
The table below shows the currency used by some countries:
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Section1.2_Currency Exchange_V2.notebook
September 22, 2015
Some sample money bills include:
To see other sample money go to: http://www.oanda.com/currency/currency­pictures
Problems involving exchange rates can be solved by setting up and solving a proportion. When setting up the proportion, you should sure to write down the two currencies you are comparing.
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Section1.2_Currency Exchange_V2.notebook
September 22, 2015
Ex1) Use the exchange rates in the following table to answer the questions that follow:
A) Convert C$350 to the following currencies:
i) US dollars
$350 x 0.7577 = $265.20 ii) British Pounds
iii) Euros
$350 x 0.4833
= $169.16
$350 x 0.6716
= $235.06
B) Convert the following to Canadian Dollars.
i) US $2800 $2800 x 1.3188
= $3 692.64
ii) £1800
iii) € 915
1800 x 2.0482
= $3 686.76
915 x 1.4879
= $1 361.43
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Section1.2_Currency Exchange_V2.notebook
September 22, 2015
Currency Exchange continued
Remember currency exchange rates change daily. To find the you can visit various sites online such as http://www.x­rates.com/ Ex 1) Adam is going to Florida with his parents for Christmas and saved $600 for spending money. On the day he leaves he exchanges the money for American dollars. On that day C$1 was worth US$0.7577. How many American dollars will did he get?
$600 x 0.7577 = $454.62
Ex 2) When he returned from his vacation, Adam had $125 left in American money. On that day US$1 was worth C$1.3188 how much will he receive in Canadian money?
$125 x 1.3188 = $164.85
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