Personal Finance Problem Exchange rates Fred Nappa is planning to take a wine-ta

Question

Personal Finance Problem Exchange rates Fred Nappa is planning to take a wine-tasting tour through Italy this summer. The tour will cost 2,750 euros () and includes transportation, hotels, and a guide. Fred estimates that round-trip airfare from his home in North Carolina to Rome, Italy, will be $1,490; he also will incur another $300 (U.S.) in incidental travel expenses. Fred estimates the cost of meals in Italy to be about 500, and he will take an additional $1,000 to cover miscellaneous expenditures. Currently, the exchange rate is US$1.3411/l.00(or .7456/US$1.00). Determine the total dollar cost of the trip to Italy. Determine the amount of euros () Fred will need to cover meals and miscellaneous expenditures.

Explanation / Answer

convert euro to dolalr at 1 euro=1.3411
a)Total dollar cost=[(2750+500)*1.3411]+1490+300+1000
=$7608.575

b)meals=500 euro
miscellaneous=$1000= 1000/1.3411=745.66 euro
=500+745.66=1245.66 euro

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