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In Ireland, he exchanged €2000 for US dollars when the exchange rate was €1 = $1.29 - Leaving Cert Mathematics - Question 1 - 2015
Question 1
In Ireland, he exchanged €2000 for US dollars when the exchange rate was €1 = $1.29. Find how many US dollars he received. Padraic returned to Ireland and exchanged... show full transcript
Worked Solution & Example Answer:In Ireland, he exchanged €2000 for US dollars when the exchange rate was €1 = $1.29 - Leaving Cert Mathematics - Question 1 - 2015
Step 1
In Ireland, he exchanged €2000 for US dollars when the exchange rate was €1 = $1.29. Find how many US dollars he received.
Answer
To find out how many US dollars Padraic received, we can use the formula:
Substituting the values, we get:
ext{Dollars received} = €2000 imes 1.29 = $2580Thus, Padraic received $2580.
Step 2
Padraic returned to Ireland and exchanged $21,000 for euro. He received €15,000. Write the exchange rate for this transaction in the form €1 = $____.
Answer
To calculate the exchange rate, we can use the formula:
€1 = rac{ ext{Dollars received}}{ ext{Euros received}}Substituting the values, we have:
€1 = rac{21000}{15000} = 1.40Therefore, the exchange rate is €1 = $1.40.
Step 3
Padraic wants to exchange some dollars for sterling. On a day when the euro to dollar exchange rate is €1 = $1.24 and the euro to sterling exchange rate is €1 = £0.83, find the dollar to sterling exchange rate. Write your answer in the form $1 = £____.
Answer
To find the dollar to sterling exchange rate, we can first derive the number of pounds per euro from the euro to sterling exchange rate:
£1 = rac{€1}{0.83} ext{ (in pounds)}Next, calculating the dollar to pound exchange rate involves the euro to dollar rate:
$1 = rac{1}{1.24} imes 0.83 = 0.67Thus, we find that $1 = £0.67.