Answers FowU - Financial Math - B Converting CurrencyQuestion 9

9

QuizMultiple Choice

Converting Currency

Question 9 • FowU - Financial Math - B

Tom is exchanging money for his trip to India. The exchange rate of US dollars to Indian rupees is 1:45.897. Tom needs 11,550 rupees. The currency exchange service he is using charges a fee of 7.25% after the exchange is made. How many US dollars will it cost Tom to get the rupees he wants? Round to the nearest dollar.

Answer

A

$235

B

$252

C

$263

D

$270

Explanation

First convert the rupees to dollars: 11,550 ÷ 45.897 ≈ $251.65. The 7.25% fee adds about $18.24, so the total is $251.65 × 1.0725 ≈ $269.90. Rounded to the nearest dollar, Tom will pay $270, choice D.

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