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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

U.S. dollars are legal currency only in the United States. International investment, travel, and trade require that dollars be exchanged for foreign currency. In today’s global economy, a floating exchange rate system is used to value major currencies compared to each other. Because the values of these currencies vary continually, exchange rate tables are published daily by numerous business sources. The information below is taken from one such exchange-rate table.

Chapter 3, Problem 41AT, 41. U.S. dollars are legal currency only in the United States. International investment, travel, and

(a)

To determine

To calculate: The number of pound in the US dollar provided as 2,500 round it off to nearest pound when you are on a trip in London and you need to exchange the 25,00 US dollars for British pound.

Explanation

Given Information:

The table for the exchange rate provided as

Currency exchange rate
Country-Currency Dollar Euro Pound SFranc Peso Yen CdnDlr
Canada-Dollar 1.0625 1.5793 1.7663 1.0445 0.814 0.0124 ——–
Japan- Yen 88.777 132.08 147.70 87.277 6.8018 ——– 83.537
Mexico-Peso 13.052 19.411 21.701 12.830 ——– 0.1470 12.280
Switzerland-Swiss Franc 1.0170 1.5132 1.6924 ——– 0.0779 0.0115 0.9580
Britain-Pound 0.6010 0.8941 ——– 0.5911 0.0461 0.0068 0.5659
Euro-Euro 0.6721 ——– 1.1187 0.6610 0.0515 0.0076 0.6334
U.S.-Dollar ——– 1.4877 1.6639 0.9839 0.0767 0.0113 0.9420

The amount of the dollar is provided as 2500.

Formula used:

To calculate total cost per potted plant, follow the steps shown below:

Step 1: Find the currency exchange rate at the intersection of column of old currency and the new currency.

Step 2: Multiply the exchange rate to the old currency.

New currency = Old currency×Currency exchange rate

Step 3: Round off to the nearest dollar find out the value at the unit place.

Step 4: Compare the digit next to the unit place to the 5, if the value is greater than or equals to 5 than increment it by one, otherwise, just remove the number next to it and leave it as it is.

Calculation:

Consider the table for the exchange rate provided as

Currency exchange rate
Country-Currency Dollar Euro Pound SFranc Peso Yen CdnDlr
Canada-Dollar 1

(b)

To determine

To calculate: The number of Canadian dollars in the British pound provides as 800, round it off to nearest cent, when you have finished your business in London and you have left 800 pounds.

(c)

To determine

To calculate: The number of US dollar in the Canadian dollar provides as 375 and round it off to nearest cent if you have just completed your business in Canada and you are left with 375 Canadian dollars.

(d)

To determine

The best price to buy the camera among the prices provided as 358 US dollar, 266 British pound and 362 Canadian dollars, when you are in US and going for the business trip in London and Toronto- Canada.

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