Currency exchange

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Tiagohh87

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Apr 18, 2016
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Hi! I was making some exercises and i think that some of them have wrong solutions. Could you guys verify if i'm making this right please?

TuesdayTuesdayFridayFriday
The Bank buys 1 Dolar at:The Bank sells 1 Dolar atThe Bank buys 1 Dolar at:The Bank sells 1 Dolar at
Euro1.141.211.101.19
Indian Rupee41.6344.7643.7546.88
Egyptian Pound4.654.724.604.69
Mexican Peso9.029.089.019.11
Czech Crown36.2037.5036.1237.78

  1. How many Euros will the Bank sell for 10 Dolars on Friday?
  2. How many Egyptian Pounds will a client get more on Tuesday than Friday, for 40 Dolars?
  3. How many Indian Rupees will the bank have to spend on Friday to get back the Dolars spent on Tuesday buying 12 Czech Crowns?


I think the solutions are:
1) 11
2) 2
3) 14​
But the solutions say:
1) 8.10
2) 3.20
3) 5.30

​
Who's right? me or the solutions? xD
If the solutions are right please explain me why. Thanks!! :)
 
Tiagohh87 said:
Hi! I was making some exercises and i think that some of them have wrong solutions. Could you guys verify if i'm making this right please?

Tuesday
Tuesday
Friday
Friday
The Bank buys 1 Dolar at:
The Bank sells 1 Dolar at
The Bank buys 1 Dolar at:
The Bank sells 1 Dolar at
Euro
1.14
1.21
1.10
1.19
Indian Rupee
41.63
44.76
43.75
46.88
Egyptian Pound
4.65
4.72
4.60
4.69
Mexican Peso
9.02
9.08
9.01
9.11
Czech Crown
36.20
37.50
36.12
37.78

  1. How many Euros will the Bank sell for 10 Dolars on Friday?
  2. How many Egyptian Pounds will a client get more on Tuesday than Friday, for 40 Dolars?
  3. How many Indian Rupees will the bank have to spend on Friday to get back the Dolars spent on Tuesday buying 12 Czech Crowns?


I think the solutions are:
1) 11
2) 2
3) 14​
But the solutions say:
1) 8.10
2) 3.20
3) 5.30

​
Who's right? me or the solutions? xD
If the solutions are right please explain me why. Thanks!! :)
Click to expand...

Please show us how did you get your answers,

Please share your work with us ...even if you know it is wrong

If you are stuck at the beginning tell us and we'll start with the definitions.

You need to read the rules of this forum. Please read the post titled "Read before Posting" at the following URL:

http://www.freemathhelp.com/forum/th...Before-Posting
 
My resolution is:

1) 10*1.1 = 11
the 1.1 comes the rate on Friday​
2) 4.65-4.60 = 0.05
the diference between rates of Friday a Tuesday​
0.05*40 = 2
3) 12/37.5 = 0.32
43.75*0.32 = 14

If there's any step that you guys don't understand just say and i'll explain... ;)
 
Tiagohh87 said:
My resolution is:

1) 10*1.1 = 11
the 1.1 comes the rate on Friday​
2) 4.65-4.60 = 0.05
the diference between rates of Friday a Tuesday​
0.05*40 = 2
3) 12/37.5 = 0.32
43.75*0.32 = 14

If there's any step that you guys don't understand just say and i'll explain...
Click to expand...
Did you pull these numbers from behind your left ear? Did you get them by throwing darts at a board? No? You used some sort of reasoning to put the numbers and the operations? Great!

Please reply with a clear listing of your steps and reasoning. Thank you! ;)
 
For the first exercise:

If they want to know how many Euros the Bank will sell for 10 dollars (on Friday) then you're interested in the rate at which the Bank buys dollars on Friday, then:

1 |||| 1,1
__ = ___
10 ||| x

x = 10 * 1.1

x = 11

So, they will sell 11 Euros.


For the second exercise:

In this one they want to know the diference between exchanging 40 Dollars to Egyptian Pounds in one day and the other. So i made the diference between the rate on these two days:

4.65-4.60 = 0.05

and then is basically the same thing that i did before:

1 ||| 0.05
__ = ___
40 ||| x

x = 0.05*40

x = 2

So, the difference is 2 Egyptian Pounds.


For the third exercise:

In this one you'll have to know how many dollars the Bank spent on Tuesday buying the 12 Czech Crowns to know how much they will have to spend on Friday.

I did this the usual way:
1 ||| 37.5
__ = ____
x |||| 12

x = (12*1)/37.5

x = 0.32

Now that we know that the Bank spent 0.32 Dollars on Tuesday we just have to find out how many Indian Rupees the Bank will have to sell on Friday to get that amount (0.32 Dollars) back.

1 |||||| 43.74
____ = _____
0.32 ||||| y

y = 43.75*0.32

y = 14

So, they will have to spend 14 Indian Rupees to get that money back.


I will probably have some errors in my English as i'm not a native speaker, so i apologize for that :p

P.S. Ignore those '|' they are just there so that when the text is parsed the space is keeped (yeah i'm noob and i don't know how to make equations here xD)
 
Tiagohh87 said:
Hi! I was making some exercises and i think that some of them have wrong solutions. Could you guys verify if i'm making this right please?

TuesdayTuesdayFridayFriday
The Bank buys 1 Dolar at:The Bank sells 1 Dolar atThe Bank buys 1 Dolar at:The Bank sells 1 Dolar at
Euro1.141.211.101.19
Indian Rupee41.6344.7643.7546.88
Egyptian Pound4.654.724.604.69
Mexican Peso9.029.089.019.11
Czech Crown36.2037.5036.1237.78

  1. How many Euros will the Bank sell for 10 Dolars on Friday?
  2. How many Egyptian Pounds will a client get more on Tuesday than Friday, for 40 Dolars?
  3. How many Indian Rupees will the bank have to spend on Friday to get back the Dolars spent on Tuesday buying 12 Czech Crowns?


I think the solutions are:
1) 11
2) 2
3) 14
​
But the solutions say:
1) 8.10
2) 3.20
3) 5.30

​
Who's right? me or the solutions? xD
If the solutions are right please explain me why. Thanks!! :)
Click to expand...
If I understand your table correctly, I think your part 1 and 2 are correct and not the other solutions given. For example what is meant by "how many Euros will the Bank sell for 10 Dolars on Friday" means they are buying Dolars and giving Euros. So, looking in the Euro row and the buying Dolars on Friday gives the bank will buy a Dolar for 1.1 Euros or will buy 10 Dolars for 10*1.1=11 Euros.

The first two questions were straight out of the table (Euros and Dolars for question 1 and Egyptian Pounds and Dolars for question 2). The third question has a different slant. You must cross currencies. Usually, one doesn't convert a currency into Dolars, then the Dolars into another currency [it is more expensive]. However, that appears to be what you have to do if all you are given is this table. So, you third answer appears correct to me also although the bank would probably keep more digits until their final answer and come up with 13.90 Indian Rupees. That is the bank spent 0.3176 Dolars for the 12 Czech Crowns, not 0.32 $, etc.
 
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