posted by *Thara* .
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?
is $363.53 the answer!?
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
thnx again ms sue:D, im practicing for mid-term, taking notes for coming wednesday!!!:D
Glad to help -- and good luck on your mid-terms.