What is the pay in Peso? and who keeps the difference?
Consider being the owner of a small business (Cupcake Shoppe, Lawn Service, Automotive Repair Shop, etc) and aspect you're responsible for is paying your employee or employees. Provide an example of how you'll calculate paying your employee for one week (40-hrs) at a rate of $19.55/hr.
Answer: 40 * 19.55 = $782?
Now your employees want to be paid in Peso (MXN) and the current exchange rate is 0.0529.
After converting who keeps the difference, the owner or employee after you round it back to 2-places beyond the decimal.
Is the exchange rate 1 dollar = .0529 peso? If so, multiply the amount u found in dollars by .0529
To calculate the pay in Peso (MXN), you'll need to convert the US Dollar amount to Peso using the current exchange rate.
In this case, the employee's weekly pay in US Dollars is $782. To convert it to Peso, you'll multiply the amount by the exchange rate:
$782 * 0.0529 = ₱41.3426
After rounding it to 2 decimal places, the converted pay becomes ₱41.34.
Now, to determine who keeps the difference between the converted amount and the actual exchange rate, it depends on the agreed-upon terms between the employer and the employee.
If the employer agreed to bear the exchange rate difference, then the employer would keep it. Conversely, if the employee agreed to bear the exchange rate difference, then the employee would keep it. It is essential to discuss and clarify this arrangement to avoid any misunderstandings.