assignment

Use the following exchange rates to answer the questions below. Round your answers to two decimals.

Exchange rate quotes:

British Pounds (£) to Euros (€): £1 = €1.17

British Pounds (£) to US Dollars ($): £1 = $1.52

1. How many pounds is $5 worth?

2. How many dollars is £70 worth?

3. How many pounds is €65 worth?

4. How many pounds is $275 worth?

5. How many pounds is €465 worth?

6. How many euros is £520 worth?

7. How many euros is £1850 worth?

8. How many euros is $4355 worth?

Read the following cross table and answer the questions below

9. What is the exchange rate of US Dollars (USD) to British Pounds (GBP)?

10. What is the exchange rate of Euros (EUR) to Japanese Yen (JPY0?

11. What currencies are worth more than the U.S. Dollar?

12. While visiting Australia you visit 3 different banks to find out their exchange rates. Which bank is a better option for you to exchange your US Dollars? How much AUD do you get per dollar? The bank rates are the following:

Bank “B”

BUY: 1.50

SELL: 1.60

Bank “A”

BUY: 1.40

SELL: 1.50

Bank “C”

BUY: 1.60

SELL: 1.70

13. In which bank should you exchange your AUD back to USD before going back home? Why?

SOLUTIONS:

Use the exchange rates £1 = €1.17 and £1 = $1.52 to solve the following currency conversion problems. Round your answers to two decimals.

1. How many pounds is $5 worth? 3.28 pounds

2. How many dollars is £70 worth? 106.4 dollars

3. How many pounds is €65 worth? 55.55 pounds

4. How many pounds is $275 worth? 180.92 pounds

5. How many pounds is €465 worth? 397.43 pounds

6. How many euros is £520 worth? 608.40 euros

7. How many euros is £1850 worth? 2164.50 euros

8. How many euros is $4355 worth? 3552.20 euros

9. 1 USD = 0.7780 Pounds OR 1 GBP = 1.2854 US dollars

10. 1 EUR = 127.9494 JPY OR 1 JPY = 0.0078 EUR

11. EUR and GBP

12. Bank “C”; you get 1.60 AUD per USD

13. Bank “A”; you need less AUD to buy a dollar. In “A” you pay 1.50 AUD to get 1 USD.