Converting Currencies S Part 1 Simple Currency Conversion

Converting Currencies S

Part 1 Simple Currency Conversion S

Simple Currency Conversion: Given Conversion Explicitly Option 1: If you understand, multiply or divide exchange rate. Option 2: Set up a proportion. S Sample question 1: A bank exchanges 1 British pound (GBP) for 1. 9 Australian dollars (AUD). Convert: a. 40 GBP to AUD b. 500 AUD to GBP a. 1 GBP = 1. 9 AUD 40 * 1. 9 = 76 AUD OR b. , x = 76 AUD 1 GBP = 1. 9 AUD 500 / 1. 9 = 263 GBP OR , x = 263 GBP

Simple Currency Conversion: Practice On Your Own A currency exchange will convert 1 Singapore dollar (SGD) to 5. 4 South African rand (ZAR). Convert: a. 3000 SGD into ZAR b. 21000 ZAR into SGD

Simple Currency Conversion: Practice On Your Own A currency exchange will convert 1 Singapore dollar (SGD) to 5. 4 South African rand (ZAR). Convert: a. 3000 SGD into ZAR SGD b. 21000 ZAR into Try again on your own. Convert: c. 450 SGD into ZAR d. 1. 35 ZAR into SGD

Simple Currency Conversion: Practice On Your Own A currency exchange will convert 1 Singapore dollar (SGD) to 5. 4 South African rand (ZAR). Convert: a. 3000 SGD into ZAR SGD b. 21000 ZAR into Try again on your own. Convert: c. 450 SGD into ZAR d. 1. 35 ZAR into SGD

Simple Currency Conversion: With Table of Exchange Rates Step 1: Choose row for original currency and column for new currency. Step 2: Multiply. (NOTE: If only one is given, you have to decide whether to multiply or divide. ) ////// USD GBP CHF (Swiss frank) USD 1 0. 625 1. 03 Answers: GBP 1. 60 1 1. 67 1) a) 0. 97 CHF 0. 97 0. 60 1 1. Write down exchange rate from: a. CHF to USD b. USD to CHF 2. Convert: a. 3000 USD to GBP b. 10000 francs to pounds. b) 1. 03 2) a) 3000 * 0. 625 = 1875 GBP b) 10000 * 0. 6 = 6000 GBP

Simple Currency Conversion: With Table of Exchange Rates The table below shows exchange rates for the US Dollar. /////// USD Taiwan Dollar (TWD) 31. 9632 Norwegian Kroner (NOK) 5. 8818 Chinese Yuan (CNY) 6. 8268 1. Convert 200 USD into: a. TWD b. NOK c. CNY 2. Convert 5000 NOK into: a. USD b. CNY

Simple Currency Conversion: With Table of Exchange Rates The table below shows exchange rates for the US Dollar. /////// 1 USD Taiwan Dollar (TWD) 31. 9632 Norwegian Kroner (NOK) 5. 8818 Chinese Yuan (CNY) 6. 8268 1. Convert 200 USD into: a. TWD b. NOK c. CNY 2. Convert 5000 NOK into: a. USD b. CNY Answers: 1) a) 200 * 31. 9632 = 6392. 64 TWD b) 200 * 5. 8818 = 1176. 36 NOK c) 200 * 6. 8268 = 1365. 36 CNY 2) a) 5000/5. 8818 = 850. 08 USD b) 850. 08 * 6. 8268 = 5803. 33 CNY

Videos links S https: //www. youtube. com/watch ? v=Jcq. Npw. Wn. Z 2 k S https: //www. youtube. com/watch ? v=Uhjazwdtfm. U

Trading with Commission First Stop: Commission via Exchange Rate S

Commission • Currency traders don’t exchange money just because they’re nice… • Customers usually have to pay for this service. • The commission can vary from ½% to 3% of could be a “flat fee. ” • Some traders charge no commission but offer worse exchange rates instead.

Commission with Buy/Sell Make sure you choose the appropriate column (BUY or SELL). Country Code Buys Sells 1. Convert 400 USD into euros. Europe EUR 0. 681 9 0. 654 7 2. U. K. GBP 0. 606 4 0. 582 1 How much does it cost in USD to buy 5000 Yen (JPY)? Australia AUD 1. 088 3 1. 060 1 3. How many USD can you buy for 2000 Swedish kronor? Canada 1. 068 1 1. 025 3 6. 846 5 6. 801 7 5. 059 3 4. 856 9 China CAD CNY Denmark DKK Answers: 1. 400 * 0. 6547 = 261. 88 EUR 2. 5000/87. 36 = 57. 23 USD 3. 2000/6. 8075 = 293. 79 USD

Commission with Buy/Sell Make sure you choose the appropriate column (BUY or SELL). Country Code Buys Sells Europe EUR 0. 681 9 0. 654 7 0. 606 4 0. 582 1 Australia AUD 1. 088 3 1. 060 1 Canada CAD 1. 068 1 1. 025 3 China CNY 6. 846 5 6. 801 7 Denmark DKK 5. 059 3 4. 856 9 U. K. GBP 1. Find the cost in USD of: 1. 400 Canadian dollars (CAD) 2. ¥ 12 430 Find how many USD you could buy for: 1. € 2500 (EUR) 2. 57000 rand (ZAR)

Commission with Buy/Sell Make sure you choose the appropriate column (BUY or SELL). Country Code Buys Sells Europe EUR 0. 681 9 0. 654 7 U. K. GBP 0. 606 4 0. 582 1 Australia AUD 1. 088 3 1. 060 1 Canada 1. 068 1 1. 025 3 CNY 6. 846 5 6. 801 7 Denmark DKK 5. 059 3 4. 856 9 China CAD 1. Find the cost in USD of: 1. 400 Canadian dollars (CAD) 2. ¥ 12 430 2. Find how many USD you could buy for: 1. € 2500 (EUR) 2. 57000 rand (ZAR) Answers: 1. 390. 13 USD 2. 142. 28 USD 2. 1. 3666. 23 USD 2. 7743. 72 USD

Fixed-Rate Commission A banker changes South African rand to other currencies at a fixed commission of 1. 5%. Wendy wishes to convert R 800 to rubles where R 1 buys 3. 86 Russian rubles. a. What commission is charged? b. How much does Wendy receive? Answers: a. Commission = R 800 * 1. 5% = R 800 * 0. 015 = R 12 b. Wendy receives 788 * 3. 86 rubles ≈ 3042 rubles (We only multiply by 788 instead of 800 because the

Fixed-Rate Commission A bank exchanges UK pounds for a commission of 1. 5%. For the following transactions, calculate: i. The commission charged ii. How much the customer receives a. Converting 500 pounds to USD where £ 1 UK buys 1. 8734 USD. b. Converting £ 1200 UK to New Zealand dollars where £ 1 UK buys $2. 8424 NZ.

Fixed-Rate Commission A bank exchanges UK pounds for a commission of 1. 5%. For the following transactions, calculate: i. The commission charged ii. How much the customer receives a. Converting 500 pounds to USD where £ 1 UK buys 1. 8734 USD. b. Converting £ 1200 UK to New Zealand dollars where £ 1 UK buys $2. 8424 NZ. Answers: a. i. 500 * 0. 015 = £ 7. 50 The bank charges £ 7. 50 in commission. ii. 492. 5 * 1. 8734 = $ 922. 65 The customer receives $ 922. 65. b. i. 1200 * 0. 015 = £ 18 The bank charges £ 18 in commission. ii. 1182 * 2. 8424 = 43359. 72 NZ. The customer receives $3359. 72 NZ.

Textbook Practice