Working With Exchange Rate Values (Grade 11 NSC Matric Mathematical Literacy): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Currency conversion
Currency conversion
Process of changing money from one currency to another
Exchange rate
Exchange rate
Shows how much of one currency needed to get another currency
Estimation method purpose
Estimation method purpose
Quick method for rough idea of currency conversion
Who uses estimation method?
Who uses estimation method?
Travellers who need general sense of costs in foreign country
Accurate calculation purpose
Accurate calculation purpose
Used when exact conversion amount is needed
Who needs accurate calculation?
Who needs accurate calculation?
Businesses in import/export where exact amounts impact profits
How estimation works
How estimation works
Round exchange rate to make mental calculations easier
Estimation vs accurate result
Estimation vs accurate result
Estimation: approximate amount; Accurate: precise amount
Additional fees in currency conversion
Additional fees in currency conversion
Conversion charges, delivery fees, bank transaction fees
Rounding rule for accurate calculation
Rounding rule for accurate calculation
Round to two decimal places for currency