Concept explainers
An exchange rate is a number that describes how much of one currency you can trade for another currency. For example, if the U.S. exchange rate for Canadian currency is 1.2, it means that you could trade one U.S. dollar for $1.20 Canadian. When travelers talk about how expensive or cheap a certain country is, it’s often a reflection of the exchange rate. The Big Mac costs mentioned earlier? The average cost in the U.S. in July 2016 was $5.06. In Russia it was just $2.15, and in Norway the cost was almost $6.
Write an equation using x and y that calculates the number of rubles (y) that you can trade x American dollars for. Which variable is the input and which is the output?
Want to see the full answer?
Check out a sample textbook solutionChapter 3 Solutions
PATHWAYS TO MATH (LL) GEN CMB W/ACCESS
Additional Math Textbook Solutions
Mathematics for the Trades: A Guided Approach (11th Edition) (What's New in Trade Math)
Discrete Mathematics with Graph Theory (Classic Version) (3rd Edition) (Pearson Modern Classics for Advanced Mathematics Series)
Algebra and Trigonometry: Graphs and Models (6th Edition)
Mathematics All Around (6th Edition)
Mathematical Methods in the Physical Sciences
- What is the total effect on the economy of a government tax rebate of $1,000 to each household in order to stimulate the economy if each household will spend 90% of the rebate in goods and services?arrow_forwardStock Market During the week of June 22, 2009, the closing numbers of the Dow Jones Industrial Average each day were: What was the overall change for the week? Was it positive or negative?arrow_forward
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillTrigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage Learning
- Elementary AlgebraAlgebraISBN:9780998625713Author:Lynn Marecek, MaryAnne Anthony-SmithPublisher:OpenStax - Rice UniversityHolt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL