AW Math 10 Unit 10: Working with Money. Name:______
Lesson Notes 10.3:Currency Exchange.
Try these.
Different countries use different monetary units and/or different currencies. It is important when travelling to consider exchange rates, or the value of one monetary unit compared to another.
Exchange rate: the price of one country's currency in terms of another country's currency.
Example 1) Trevor will be travelling to the WorldSkills Competition in London, England. He needs to convert his Canadian dollars (C$) to British pounds (£). To find the latest rate of exchange, Trevor checks an online currency converter. (C$1 ≈ £0.607)
a) How manyBritish pounds (£) will he get for C$500?
b) If Trevor wants to take £500, how much will that cost inCanadian dollars?
Example 2)If one Canadian dollars is worth US $ 0.967, calculate how many US dollars you would get for $450.00 CAD.
Currency exchange rates change every day. Here is a sample.
Example 3) Danielle wants to travel to buy textiles. She has $2000 Canadian.
What is that amount worth in Chinese yuan (¥), Japanese yen (¥),and euros (€)?
i)Chinese yuan (¥)
ii)Japanese yen (¥)
iii)euros (€)
Example 4) Danielle has €420 left after travelling to Europeand wants to go to Mexico. What is €420 worthin Mexican pesos (MX$)?
Example 5) Madeline is attending a trade show in Denmark. She runs short of spending money and must convert $100.00 CAD into Danish kroner (kr). The exchange rate is 5.354Danish krone for one Canadian dollar. How many kroner will she receive?
Example 6) One Thai baht is worth 0.023541 of a Canadian dollar. How many bahts would a tourist in Thailand receive for $200.00 CAD?
Example 7) The exchange rate for converting a Canadian dollar to the Swiss franc (SFr) is 1.054. How many Swiss francs will you get for $400.00 CAD?
Example 8) If the bank’s selling rate of Chinese yuan is 6.602 and the buying rate is 6.482, how much money would you lose if you exchanged $75.00CAD for yuan and then converted them back to CAD on the same day?
AW Math 10 Unit 10: Working with Money. Name:______
Assignment 10.3:Currency Exchange.
1. Determine the equivalent for each exchange.
2. Determine the equivalent for each exchange.
3. Pierre is going on a work exchange program in Europe.He can fly from Paris, France, to Athens, Greece, for €187.What would his flight cost in Canadian dollars?
4. Sebastian is shopping in Spain and wonders if a sweaterpriced at €45 is reasonable compared with a similar $30sweater he bought in Nelson, British Columbia. Compare
the prices.
5. Amanda is travelling to Haiti to help build a health care clinic.She is taking $500 Canadian to exchange for Haitian gourdes.How much is C$500 worth in Haitian gourdes (HTG)? C$1 =∙ 37.5858 gourdes (HTG)
6. Tessa is comparing the price of books online. At a Canadianstore, one book costs C$20.49. At an American store, thesame book costs US$18.95. Which price is less?
7. On a trip to California, Tara spent the amounts below. Express these prices in Canadian $.
Breakfast US$12.82× ______≈ C$ ______
Dinner US$75.88× ______≈ C$ ______
Transportation US$642.25×______≈ C$ ______
Clothing US$120.79×______≈ C$ ______
8. Julia bought oranges for €1.99 per kilogram at a market inGermany. She wondered how this compared to the price oforanges in Red Deer, Alberta, at 79¢ per pound.
a) What is the price of €1.99/kg in euros per pound? (1 kg ≈ 2.2 lb)
b) What is the price in Canadian dollars per pound?
c) Where are the oranges less expensive?
9. Elijah and his family travelled to China. Before they left, theyexchanged $3600 Canadian for Chinese yuan.
a) What is the value of C$3600 in yuan (CN¥)?
b) While in China, they spent CN¥20 419. They exchangedthe remainder back to C$. What is the value in C$?
10. Marco is a landscape gardener. He is travellingto learn more about English and Japanese
gardens. When he left England, he had £350.What is this worth in Japanese yen?