The table lists foreign exchange rates for August 3, 2011. On that day, how many
ID: 2706430 • Letter: T
Question
The table lists foreign exchange rates for August 3, 2011. On that day, how many dollars would be required to purchase 1,100 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.
The table lists foreign exchange rates for August 3, 2011. On that day, how many dollars would be required to purchase 1,100 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
To buy 1 unit of British Pound, you'll require $1.6426
So, to buy 1100 units of british pounds, you will require 1100*1.6426 dollars
Similarly, cost of buying 1 unit of...
Canadian Dollars = 1.0392 US dollars
EMU Euros = 1.4323 US dollars
Japanese Yen = 0.01297774 US dollars
Mexican Pesos = 0.0846 US dollars
Swedish Kronas = 0.1577 US dollars
Multiplying each number by 1100 (as 1100 units of each currency is required) and adding them,
Total dollars required = 1100*4.36937774 = 4806.315514 dollars
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