Answers FowU - Financial Math - B Converting CurrencyQuestion 3

3

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Converting Currency

Question 3 • FowU - Financial Math - B

Gary is looking over his receipts from his trip to Europe. When he was in Germany, he exchanged US dollars for euros at a rate of 1:0.7716, and when he was in Poland, he exchanged euros for Polish zloty at a rate of 1:4.0518. To four decimal places, what was the exchange rate of US dollars to Polish zloty?

Answer

A

1:0.3199

B

1:3.1264

C

1:4.8234

D

1:5.2512

Explanation

For each US dollar, Gary received 0.7716 euros. Each euro was worth 4.0518 Polish zloty, so multiply the rates: 0.7716 × 4.0518 = 3.12636888. Rounded to four decimal places, the exchange rate is 1:3.1264, or “1:3.1264.”

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