Currency Conversions 1. 2. The exchange rate from US dollars (USD) to French francs (FFR) is given by 1 USD = 7.5 FFR. Give the answers to the following correct to two decimal places. a. Convert 115 US dollars to French francs. b. Roger receives 600 Australian dollars (AUD) for 2430 FFR. Calculate the value of the US dollar in Australian dollars. The table below shows some exchange rates for the Japanese Yen (JPY). Currency 1 JPY Canadian Dollar 0.010406 Chinese Yuan 0.07127 Euro 0.0072591 Norwegian Kroner 0.057319 Minbin has 1250 Japanese Yen which she wishes to exchange for Chinese Yuan. a. Calculate how many Yuan she will receive. Give your answer to the nearest Yuan. Rupert has 855 Canadian Dollars which he wishes to exchange for Japanese Yen. b. Calculate how many Yen he will receive. Give your answer to the nearest Yen. c. Find how many Norwegian Kroner there are to the Euro. Give your answer correct to 2 decimal places. 3. A family in Malaysia received a gift of $4000 AUD from a cousin living in Australia. The money was converted to Malaysian Ringgit. One Ringgit can be exchanged for 0.4504 AUD. Calculate the amount of Ringgit received. 4. Bobby is spending a year travelling from America to France and Britain. Consider the following exchange rates. 1 US dollar (USD) 1 British Pound (GBP) = 0.983 Euros = 1.59 Euros Bobby changes 500 USD into Euros. a. Calculate how many Euros he receives. He spends 328 Euros in France and changes the remainder into GBP. b. 5. Calculate how many GBP he receives. 1 Brazilian Real (BRL) = 2.607 South African Rand (ZAR). Giving answers correct to 2 d.p. a. convert 300 BRL to ZAR; b. find how many Real it costs to purchase 300 Rand. 1 Currency Conversions 6. 7. Frederick had to change British pounds (GBP) into Swiss francs (CHF) in a bank. The exchange rate is 1 GBP = 2.5 CHF. There is also a bank charge of 3 GBP for each transaction. a. How many Swiss francs would Frederick buy with 133 GBP? b. Let s be the number of Swiss francs received in exchange for b GBP. Express s in terms of b. c. Frederick received 430 CHF. How many British pounds did he exchange? Zog from the planet Mars wants to change some Martian Dollars (MD) into US Dollars (USD). The exchange rate is 1 MD = 0.412 USD. The bank charges 2% commission. a. How many US Dollars will Zog receive if she pays 3500 MD? Zog meets Zania from Venus where the currency is Venusian Rupees (VR). They want to exchange money and avoid bank charges. The exchange rate is 1 MD = 1.63 VR. b. 8. How many Martian Dollars, to the nearest dollar, will Zania receive if she gives Zog 2100 VR? Clara visits Britain from the United States and exchanges 1000 US dollars (USD) into pounds (GBP). The exchange rate is 1 USD = 0.543 GBP. The bank charges 2 commission for each transaction. a. Calculate how many GBP she receives. Next Clara wants to travel to France. She changes 150 GBP to euros (€) at a rate of 1 GBP = 1.35 €. The bank charges commission and then gives Clara 200 €. b. 9. Find the amount of commission in GBP. Robert, who lives in the UK, travels to Belgium. The exchange rate is 1.37 euros to one British Pound (GBP) with a commission of 3 GBP, which is subtracted before the exchange takes place. Robert gives the bank 120 GBP. a. Calculate correct to 2 decimal places the amount of euros he receives. He buys 1 kilogram of Belgian chocolates at 1.35 euros per 100 g. b. Calculate the cost of his chocolates in GBP correct to 2 decimal places. 10. Jane plans to travel from Amsterdam to Chicago. She changes 1500 Euros (EUR) to US Dollars (USD) at an exchange rate of 1 EUR to 1.33 USD. Give all answers in this question correct to two decimal places. a. Calculate the number of USD Jane receives. Jane spends 1350 USD and then decides to convert the remainder back to EUR at a rate of 1 EUR to 1.38 USD. b. Calculate the amount of EUR Jane receives. If Jane had waited until she returned to Amsterdam she could have changed her USD at a rate of 1 EUR to 1.36 USD but the bank would have charged 0.8 commission. c. Calculate the amount of EUR Jane gained or lost by changing her money in Chicago. 2 Currency Conversions 11. The table shows part of a currency conversion chart. For example GBP 1 is equivalent to FFR 8.33. GBP USD FFR GBP 1 p 8.33 USD 0.64 1 q FFR 0.12 0.19 l For all calculations in this question give your answers correct to two decimal places. a. b. Calculate the value of i. p; ii. q. Joe has USD 1500 to exchange at a bank. i. Assuming no commission is charged, how much in GBP will Joe receive from the bank? ii. Assuming the bank charges 1.5% commission, a. how much in GBP does Joe pay in commission? b how much in GBP does Joe actually receive for his USD 1500? 12. Sven is travelling to Europe. He withdraws $800 from his savings and converts it to euros. The local bank is buying euros at $1: €0.785 and selling euros at $1: €0.766. a. Use the appropriate rate above to calculate the amount of euros Sven will receive. b. Suppose the trip is cancelled. How much will he receive if the euros in part (a) are changed back to dollars? c. How much has Sven lost after the two transactions? Express your answer as a percentage of Sven’s original $800. 13. A Swiss bank shows currency conversion rates in a table. Part of the table is shown below, which gives the exchange rate between British pounds (GBP), US dollars (USD) and Swiss francs (CHF). GBP USD Buy 2.3400 1.6900 Sell 2.4700 1.7700 This means that the bank will sell its British pounds to a client at an exchange rate of 1 GBP = 2.4700 CHF. a. What will be the selling price for 1 USD? Andrew is going to travel from Europe to the USA. He plans to exchange 1000 CHF into dollars. The bank sells him the dollars and charges 2% commission. b. How many dollars will he receive? Give your answer to the nearest dollar. 14. A bank in Canada offers the following exchange rate between Canadian dollars (CAD) and Euros (EUR). The bank sells 1 CAD for 1.5485 EUR and buys 1 CAD for 1.5162 EUR. A customer wishes to exchange 800 Canadian dollars for Euros. a. Find how many Euros the customer will receive. b. The customer has to cancel his trip and changes his money back later when the rates are “sells 1 CAD = 1.5546 EUR, buys 1 CAD = 1.5284 EUR”. Use the “we sell” information to find how 3 Currency Conversions many Canadian dollars he receives. c. How many Canadian dollars has he lost on the transaction? 15. The following is part of a display on the notice board of a bank in the United Kingdom. It shows the exchange rate between one British pound (GBP) and other currencies. EXCHANGE RATES Bank buys foreign currency Bank sells foreign currency Denmark (KR) 11.38 10.78 Finland (MKK) 7.00 6.60 10.05 9.45 France (FFR) Germany (DM) 2.854 Greece (DR) 292 2.798 266 NO COMMISSION CHARGED Geraldine eats a meal in a restaurant while on holiday in Greece. The meal costs 4256 drachma (DR). a. Use the bank-selling price to calculate the cost of the meal in British pounds. The Williams family go to Germany. Before leaving, they change 600 GBP into German marks. b. Calculate the number of German marks they receive for 600 GBP , giving your answer correct to two decimal places. They spend 824 DM in Germany, and on returning to the United Kingdom, they change their remaining German marks into British pounds. c. Calculate the number of British pounds they receive, correct to two decimal places. 16. The following is a currency conversion table: FFR USD JPY GBP French Francs (FFR) 1 p q 0.101 US Dollars (USD) 6.289 1 111.111 0.631 Japanese Yen (JPY) 0.057 0.009 1 0.006 British Pounds (GBP) 9.901 1.585 166.667 1 For example, from the table 1 USD = 0.631 GBP. Use the table to answer the following questions. a. Find the values of p and q. b. Mireille wants to change money at a bank in London. i. How many French Francs (FFR) will she have to change to receive 140 British Pounds (GBP)? ii. The bank charges a 2.4% commission on all transactions. If she makes this transaction, how many British Pounds will Mireille actually receive from the bank? 4