Converting Currency

The American Dollar (USD) is worth more than each of the following foreign currencies except which?

c. British Pound (GBP)

Currency

Currency is something that is used as a means for exchange; for example, money.

Euro

The euro is the monetary unit of European Union nations.

Exchange rate

The exchange rate is the ratio that a monetary unit of one country can be exchanged for that of another country.

Yen

The yen is the monetary unit of Japan.

During Hillary's trip, the exchange rate of US dollars to euros was 1:0.7936, and the exchange rate of euros to Swedish kronor was 1:10.1069. How much did Hillary spend in total, measured in US dollars? Round all currency values to two decimal places

a. $1,139.51

If you can exchange 104.51 US dollars for 1,322.14 Mexican pesos, what is the exchange rate of the US dollar to the Mexican peso, to three decimal places?

a. 1:12.650

Charles is planning a trip to Guatemala. He has allocated $415 for spending money. If the exchange rate from US dollars to Guatemalan quetzals is 1:8.5135, how much money does Charles have, as measured in quetzals? Round your answer to two decimal places.

a. 3,533.10 quetzals

Sharon is preparing for a trip to Kuwait. She calculates that she will need $1,166 to be converted to Kuwaiti dinar. If the exchange rate of US dollars to Kuwaiti dinar is 1:0.2879, how many dinar does Sharon have? Round your answer to two decimal places.

a. 335.69 dinar

Which of the following statements give a valid reason why the currency exchange you plan ahead of time might not be wholly accurate? I. Currency exchange rates fluctuate, so the actual rates could be different from the planned rates. II. Many currency exchange services charge a fee or surcharge, which differs from service to service. III. Taxes in different countries may cause the amount of money you actually receive to change.

a. I and II

A certain book is for sale in both Belize and Brazil. In Belize, it sells for 80.39 Belize dollars. In Brazil, it sells for 63.65 Brazilian reals. The exchange rate of US dollars to Belize dollars is 1:1.9246, and the exchange rate of US dollars to Brazilian reals is 1:1.7880. When converted into US dollars, which country sells the book at a more expensive price, and how much more expensive is it? Round all currency values to two decimal places.

a. The book costs $6.17 more in Belize than in Brazil.

Geoffery went on a trip across South America. He took 1,750 US dollars (USD) with him. In Chile, he traded his money for Chilean pesos (CLP) at a rate of USD:CLP = 1:496.5000. He spent 217,513 pesos before he went to Venezuela. In Venezuela, he traded his Chilean pesos for Venezuelan bolivars (VEF) at a rate of CLP:VEF = 1:0.1283. During his time in Venezuela, he spent 38,422.19 bolivars. At his next stop, Paraguay, he traded his Venezuelan bolivars for Paraguayan guarani (PYG) at a rate of VEF:PYG = 1:1063.9500. He spent 12,857,441.39 guarani before returning to the United States, where he traded his Paraguayan guarani for US dollars at a rate of PYG:USD = 1:0.00002186. How much money did Geoffery have remaining, in US dollars? Round all currency values to two decimal places.

b. $768.98

If the exchange rate of the US dollar to Egyptian pound is 1:5.3841, how much has Penny currently budgeted for her trip, in US dollars? Round all currencies to two decimal places.

b. $993.95

Gary is looking over his receipts from his trip to Europe. When he was in Germany, he exchanged US dollars for euros at a rate of 1:0.7716, and when he was in Poland, he exchanged euros for Polish zloty at a rate of 1:4.0518. To four decimal places, what was the exchange rate of US dollars to Polish zloty?

b. 1:3.1264

Nate has £88.65 to convert into shekalim. The currency exchange he is using charges an 8% surcharge when converting currency. About how many more shekalim will Nate receive if he makes his trade on the day with the most favorable exchange rate than if he makes his trade on the day with the least favorable exchange rate?

b. INS 38.35

In her article "Currency Exchange", what does Susan Breslow Sardone recommend travelers do in order to get the best exchange rate?

b. Use their ATM card at a major bank once they reach their destination.

Mary has $311.75 to convert into yen. The currency exchange she is using charges a surcharge of 6% when converting currency. About how many more yen will Mary receive if she makes her trade on the day with the most favorable exchange rate than if she makes her trade on the day with the least favorable exchange rate?

b. ¥1,513

Sandy has $829.04 to convert into euros. How many more euros would Sandy have if she made her trade on the day with the most favorable exchange rate than if she made her trade on the day with the least favorable exchange rate? Round all currencies to two decimal places.

b. €55.96

You know that the current exchange rate for US dollars (USD) to Indian rupees (INR) is 1:45.85, that the exchange rate for Indian rupees to Bangladeshi taka (BDT) is 1:1.507, and that the exchange rate for Bangladeshi taka to Myanma kyat (MMK) at a rate of 1:0.0928. Which of the following equations is set up properly to calculate the exchange rate from US dollars to Myanma kyat?

c.

If the exchange rate of US dollars to South African rands is 1:7.4094, what is the current total of Jessica's budget, in US dollars? Round all currencies to two decimal places.

c. $973.39

Tess, who lives in the United States, is on a trip to Europe. She is going first to Germany, where the currency is the euro (€), and then to Switzerland, where the currency is the Swiss franc (CHF). As she travels from Germany to Switzerland, she finds that she has the equivalent of $527 remaining in euros, which she wishes to convert to Swiss francs. If, at the time of Tess's exchanges, the exchange rate of the US dollar to the euro is 1:0.6957 and the exchange rate of the euro to the Swiss franc is 1:1.4755, how many Swiss francs does she have? Round all currencies to two decimal places.

c. 540.96 francs

kari is on a trip to Italy. She has made a list of cities she would like to tour while she is there, as well as how much she expects it will cost her (between transportation, admission, souvenirs, and so on) to see each one. The prices are listed in either US dollars ($) or euros (€). Kari has a budget of $585 set aside for sightseeing. Item Cost Currency Tour of the Vatican 68.77 € Tour of Rome 95.41 € Tour of Naples 71.06 $ Tour of Venice 113.38 $ Tour of Milan 49.69 € She would also like to tour Genoa as well, which would cost her €60.85. If the conversion rate of US dollars to euros at the time of Kari's visit is 1:0.6859, how will this affect her budget? Round all dollar values to the nearest cent.

c. Kari has almost exactly enough left in her budget to see Genoa.

Tina has £72.90 to turn into yen. How much greater is the amount of yen she would receive if she made her trade on the most favorable day than if she made her trade on the least favorable day? Round to the nearest whole yen.

c. ¥819

Tom is exchanging money for his trip to India. The exchange rate of US dollars to Indian rupees is 1:45.897. Tom needs 11,550 rupees. The currency exchange he is using charges a 7.25% surcharge on any such transactions. How many US dollars will it cost Tom to get the rupees he wants? Round to the nearest dollar.

d. $271

Rob is going over his currency exchange receipts from his trip to Japan and South Korea. When he was in Japan, he exchanged US dollars for Japanese yen at a rate of 1:87.441, and when he was in South Korea, he exchanged Japanese yen for South Korean won at a rate of 1:12.395. To three decimal places, what was the exchange rate of US dollars to South Korean won?

d. 1:1,083.831

Jun, who lives in the United States, is on a trip to South America. He is going first to Argentina, where the currency is the Argentine peso ($), then to Bolivia, where the currency is the Bolivian boliviano (Bs.). As he is traveling from Argentina to Bolivia, he finds that he has the equivalent of US $671 in pesos, which he wishes to convert to bolivianos. If, at the time of Jun's exchange, the exchange rate of the US dollar to the Argentine peso is 1:3.8056 and the exchange rate of the Argentine peso to the Bolivian boliviano is 1:1.8903, how many bolivianos does Jun have? Round all currencies to two decimal places.

d. 4,826.99 Bs

Hector would also like to see a professional sumo tournament while he is there, which would cost him ¥5,488. If the conversion rate of US dollars to Japanese yen is 1:94.153 at the time of Hector's trip, how will this affect his budget?

d. Hector cannot afford to see the sumo tournament, because it would put him over budget by almost $12.

If Grace traded ¥34,712 for £242.73, on what day did she make her exchange?

d. Saturday