Minni travels to Italy. She changes 550 GBP to euros at an exchange rate of 1 GBP = 1.18 euros. The bank charges commission and then gives Minni 629 euros. Find the amout of the commission in GBP.
Thank you so much:))
550 GBP x 1.18 Euro = 649 Euro
649 - 629 = 20 Euro
1GBP x 20 Euro / 1.18 Euro = 16.94 Euro
Correct number, wrong units.
To find the commission in GBP, use the exchange rate to convert the Euros which she received to GBP and subtract that from the amount of GBP she changed.
= £550 - €629/(1.18 €/£)
= £16.95
To find the amount of commission in GBP, we need to first calculate the initial amount of euros Minni would have received without any commission charges, and then subtract it from the actual amount of euros she received.
Let's start by calculating the initial amount of euros Minni would have received without any commission:
Initial amount in euros = Amount changed from GBP to euros * Exchange rate
= 550 GBP * 1.18 euros/GBP
= 649 euros
Now, we can calculate the amount of commission in euros:
Amount of commission in euros = Initial amount in euros - Actual amount received
= 649 euros - 629 euros
= 20 euros
Finally, we convert the amount of commission from euros to GBP using the given exchange rate:
Amount of commission in GBP = Amount of commission in euros / Exchange rate
= 20 euros / 1.18 euros/GBP
≈ 16.95 GBP
Therefore, the amount of commission in GBP is approximately 16.95 GBP.