1.11.3 Currency Conversion
Exchange rate:
An exchange rate is the rate for which the different currencies can be exchanged.
To convert one currency to another
Divide your current currency by the exchange rate.
To find exchange rate
Divide the original currency by the new currency
Worked example:
Karel changed \( $ \ 3000 \) into \( 3891 \) Namibian dollars.
Complete the statement.
As \( $ \ 3000=3891 \) Namibian dollar then
\( 1 \ $= \frac{3891 Namibian dollar}{3000} \)
\( 1 \ $=1.297 \) Namibian dollar
\( $ \ 1=1.297 \) Namibian dollar [1]
Tip:
Determine how to round your final answer based on the information provided in the question.
Make sure your answer matches the currency in the question
Test yourself
Question 1:
Adele changes \( $ \ 306 \) into euros \( € \) when the exchange rate is \( €1=$ \ 1.125 \) .
Calculate the number of euros she receives.
[1]
Question 2:
A shop sells dress fabric for \( $ \ 2.97 \) per meter.
A customer buys \( 9 \) meters of this fabric.
Calculate the change he receives from \( $ \ 50\).
[2]
Question 3:
On holiday Maria paid \( 2.25 euros \) for a newspaper when the exchange rate was
\( $ \ 1=0.9416 euros\)
At home Maria paid \( $ \ 1.13 \) for the newspaper.
Calculate the difference in price.
Give your answer in dollars, correct to the nearest cent.
[2]
Question 4:
The muller family are on holiday in New Zealand.
They change some euros € and receive \( $ \ 1962 \) New Zealand dollars
The exchange rate is \( 1€=$ \ 1.635 \).
Calculate the number of euros they change.
[2]
Question 5:
A dressmaker charges \( $ \ 35 \) or \( 2300 \) rupees to make a dress.
Calculate the difference in price when the exchange rate is \( 1 rupee=$ \ 0.0153 \).
Give your answer in rupees.
[2]