6
QuizMultiple Choice

Converting Currency

Question 6 • FowU - Financial Math - B

The exchange rate between non-fixed currencies continuously fluctuates. The table below shows the exchange rate of the US dollar to the euro over the course of six days.Day$:€Monday1:0.7102Tuesday1:0.7544Wednesday1:0.7053Thursday1:0.6910Friday1:0.6869Saturday1:0.7273Sandy has $829.04 to convert into euros. How many more euros would Sandy have if she made her trade on the day with the most favorable exchange rate than if she made her trade on the day with the least favorable exchange rate? Round all currencies to two decimal places.

Answer
A
€33.49
B
€55.96
C
€67.04
D
€107.99

Explanation

The most favorable rate is Tuesday’s €0.7544 per dollar, and the least favorable is Friday’s €0.6869 per dollar. The difference is €0.0675 per dollar, so for $829.04 the difference is $829.04 × 0.0675 = €55.9602. Rounded to two decimal places, Sandy would have €55.96 more, matching choice €55.96.

AI-written and checked against the verified answer.

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