23
QuizMultiple Choice

Converting Currency

Question 23 • FowU - Financial Math - B

Geoffery went on a trip across South America. He took 1,750 US dollars (USD) with him. In Chile, he traded his money for Chilean pesos (CLP) at a rate of USD:CLP = 1:496.5000. He spent 217,513 pesos before he went to Venezuela. In Venezuela, he traded his Chilean pesos for Venezuelan bolivars (VEF) at a rate of CLP:VEF = 1:0.1283. During his time in Venezuela, he spent 38,422.19 bolivars. At his next stop, Paraguay, he traded his Venezuelan bolivars for Paraguayan guarani (PYG) at a rate of VEF:PYG = 1:1063.9500. He spent 12,857,441.39 guarani before returning to the United States, where he traded his Paraguayan guarani for US dollars at a rate of PYG:USD = 1:0.00002186. How much money did Geoffery have remaining, in US dollars? Round all currency values to two decimal places.

Answer
A
$1,353.13
B
$768.98
C
$662.60
D
$281.06

Explanation

After spending 217,513 CLP, Geoffery had 868,875 − 217,513 = 651,362 CLP. Converting this gives 651,362 × 0.1283 = 83,569.74 VEF; after his spending, 45,147.55 VEF remained. That converts to 48,034,735.82 PYG, and after spending 12,857,441.39 PYG, he had 35,177,294.43 PYG left. Converting back gives 35,177,294.43 × 0.00002186 = $768.98, so the correct choice is $768.98.

AI-written and checked against the verified answer.

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