Exchange-Rates Edexcel Foundation

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Exam code:1MA1

Exchange rates

Exchange rates are used to compare and convert between different currencies.

Start by writing the exchange rate
- £1.00 (GBP) = €1.17 (EUR)
To convert from GBP to EUR, multiply by 1.17
- Because 1.00 × 1.17 = 1.17
To convert from EUR to GBP, divide by 1.17
- Because 1.17 ÷ 1.17 = 1.00
To find £28 in Euros
- 28 × 1.17 = €32.76
To find €75 in Pounds
- 75 ÷ 1.17 = £64.10 (to the nearest penny)

On a particular day, the exchange rate from US Dollars to Japanese Yen is:

1 US Dollar = 155.62 Japanese Yen

and the exchange rate from Australian Dollars to Japanese Yen is:

1 Australian Dollar = 102.09 Japanese Yen

An item costs 40 US Dollars.

Find the cost of the item in Australian Dollars.

The first exchange rate is 1 US Dollar = 155.62 Japanese Yen
So to convert from US Dollars to Japanese Yen, multiply by 155.62

40 × 155.62 = 6224.80 Japanese Yen

The second exchange rate is 1 Australian Dollar = 102.09 Japanese Yen
So to convert from Japanese Yen to Australian Dollars, divide by 102.09

6224.80 ÷ 102.09 = 60.9736… Australian Dollars

Round to 2 decimal places as we are dealing with money

60.97 Australian Dollars