Exchange rates The table lists foreign exchange rates for August 3, 2011. On tha
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Question
Exchange rates
The table lists foreign exchange rates for August 3, 2011. On that day, how many dollars would be required to purchase 500 units of each of the following: British pounds, Canadian dollars, EMU euros, Japanese yen, Mexican pesos, and Swedish kronas? Round your answers to the nearest cent.
Exchange rates
The table lists foreign exchange rates for August 3, 2011. On that day, how many dollars would be required to purchase 500 units of each of the following: British pounds, Canadian dollars, EMU euros, Japanese yen, Mexican pesos, and Swedish kronas? Round your answers to the nearest cent.
Sample Exchange Rates: Wednesday, August 3, 2011 Direct Quotation:U.S. Dollars Required to Buy
One Unit of Foreign Currency
(1) Indirect Quotation:
Number of Units of Foreign
Currency per U.S. Dollar
(2) Australian dollar $1.0756 0.9297 Brazilian real $0.6385 1.5662 British pound 1.6426 0.6088 Canadian dollar 1.0392 0.9622 Chinese yuan 0.1553 6.4392 Danish krone 0.1923 5.2004 Euro 1.4323 0.6982 Hungarian forint 0.00527 189.75 Israeli shekel 0.2887 3.4641 Japanese yen 0.01297774 77.06 Mexican peso 0.0846 11.8205 South African rand 0.1488 6.7217 Swedish krona 0.1577 6.3420 Swiss franc 1.2983 0.7703 Venezuelan bolivar fuerte 0.22988506 4.3500 Note: Column 2 equals 1.0 divided by Column 1. However, rounding differences do occur. Source: Adapted from The Wall Street Journal (online.wsj.com), August 4, 2011. British pounds $ Canadian dollars $ EMU euros $ Japanese yen $ Mexican pesos $ Swedish kronas $
Explanation / Answer
:-Dollars would be required to purchase 500 units of :-,
(We are takeing Direct Quote for solving all the problems)
1. British pounds=> 1 British pounds =$1.6426
so for 500 unit of pound we need => 500*$1.6426=$821.3
2.Canadian dollars=> 1 Canadian dollars =$1.0392
so for 500 unit of Canadian dollars we need => 500*$1.0392=$519.6
3.EMU euros=> 1 EMU euros =$1.4323
so for 500 unit of EMU euros we need => 500*$1.4323=$716.15
4.Japanese yen=> 1 Japanese yen =$0.01297774
so for 500 unit of Japanese yen we need => 500*$0.01297774=$6.49
5.
Mexican pesos=> 1 Mexican pesos =$0.0846
so for 500 unit of Mexican pesos we need => 500*$0.0846=$42.3
6.
Swedish kronas=> 1 Swedish kronas =$0.1577
so for 500 unit of Swedish kronas we need => 500*$0.1577=$78.85
So like above we can solve these kind of exchange problems. For other currency also we can take the direct quote and multiply the value with 500 and we get how much $ we need to purchase the same currency.
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