Posted by *Thara* on Saturday, February 6, 2010 at 9:22pm.
Radu has just returned from a business trip in Britain with £250 of uncashed traveller's cheques. How much would he receive from the bank when he converts the currency back to Canadian dollars, assuming that the bank offers an exchange rate of C$1.00 = £0.4470 and charges a 0.65% fee to convert the traveller's cheques to Canadian funds?
ANSWER:
1/.4470=2.2371
£250*2.2371=559.275
.65*559.275=363.53
is $363.53 the answer!?

math!  Ms. Sue, Saturday, February 6, 2010 at 10:00pm
You have the first part right. 250 pounds equals C$559.28.
But you need to turn the 0.65% fee into a decimal. 0.65% = 0.0065
0.0065 * 559.28 = 3.64
C$559.28  C$3.64 = C$555.64

math!  *Thara*, Saturday, February 6, 2010 at 10:05pm
thnx again ms sue:D, im practicing for midterm, taking notes for coming wednesday!!!:D

math!  Ms. Sue, Saturday, February 6, 2010 at 10:14pm
Glad to help  and good luck on your midterms.
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