Baron went to the bank to buy £400 for a trip to Europe, when the exchange rate was C$1 = £0.5224. But, he decided not to go to Great Britain, so he took the money back to the bank to convert the Great British pounds back into Canadian dollars. If the exchange rate at the bank had increased to C$1 = £0.6503, determine how many Canadian dollars were lost in these transactions. Assume that the bank charged a commission of 0.40% on the last transaction only.

Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter2: Working With Real Numbers
Section2.3: Rules For Addition
Problem 6P
icon
Related questions
Question
Baron went to the bank to buy £400 for a trip to Europe, when the exchange rate
was C$1 = £0.5224. But, he decided not to go to Great Britain, so he took the money
back to the bank to convert the Great British pounds back into Canadian dollars. If
the exchange rate at the bank had increased to C$1 = £0.6503, determine how many
Canadian dollars were lost in these transactions. Assume that the bank charged a
commission of 0.40% on the last transaction only.
Transcribed Image Text:Baron went to the bank to buy £400 for a trip to Europe, when the exchange rate was C$1 = £0.5224. But, he decided not to go to Great Britain, so he took the money back to the bank to convert the Great British pounds back into Canadian dollars. If the exchange rate at the bank had increased to C$1 = £0.6503, determine how many Canadian dollars were lost in these transactions. Assume that the bank charged a commission of 0.40% on the last transaction only.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning