(a) A book is priced at US$20. Calculate the price of the book in (i) Euros, (ii) British

pounds and (iii) Australian dollars correct to four decimal places.

(b) Convert (i) 500 Australian dollars and (ii) $10 000 Singaporean dollars to pounds

sterling.

Give all answers correct to four decimal places.

Step-by-Step

Learn more on how do we answer questions.

The calculations (correct to four decimal places) are carried out as follows:

**Step 1:** State the appropriate rates from Table 1.1.

**Step 2:** Set up the identity: 1 unit of *given* currency = y units of required currency.

**Step 3:** Multiply both sides by x: x units of *given* currency = x × (y units of *required* currency).

(a) (i) The price is given in US dollars, the price is *required* (currency) in Euros, hence

**Step 1:** US$1.3003 = €1 from Table 1.1

**Step 2:** US$1 = € \frac{1}{1.3003} dividing both sides by 1.3003

**Step 3:** US$20 = € \frac{20}{1.3003} multiplying both sides by 20

= €15.3811

(a) (ii)

**Step 1:** From Table 1.1 write down the exchange rates for 1 Euro in both British pounds and US dollars:

\left. \begin{matrix} US \$ 1.3003 = 1 Euro \\ £0.8346 = 1 Euro \end{matrix} \right\} \to US \$ 1.3003 = £0.8346

$1.3003 = £0.8346 since they are each equivalent to 1 Euro

The *given* price is in US dollars, the price is *required* in British pounds

**Step 2:** US$1 = £1 × \frac{0.8346}{1.3003} dividing both sides of the previous equation by 1.3003 to get rate for $1 in £

**Step 3:** US$20 = £20 × \frac{0.8346}{1.3003} multiplying both sides by 20

US$20 = £12.8370

(a) (iii)

**Step 1:** From Table 1.1 write down the exchange rates for 1 Euro in Australian dollars and US dollars:

\left. \begin{matrix} US \$ 1.3003 = 1 Euro \\ A \$ 1.2429 = 1 Euro \end{matrix} \right\} \to US \$ 1.3003 = A \$ 1.2429

US$1.3003 = A$1.2429 since they are each equivalent to 1 Euro

The *given* price is US$, the *required* price (currency) is A$

**Step 2:** US$1 = A$1 × \frac{1.2429}{1.3003} dividing both sides by 1.3003

**Step 3:** US$20 = A$20 × \frac{1.2429}{1.3003} multiplying both side by 20

= A$19.1171

(b) (i)

**Step 1:** From Table 1.1 write down the exchange rates for 1 Euro in Australian dollars and pounds sterling:

\left. \begin{matrix} £0.8346 = 1 Euro \\ A \$ 1.2429 = 1 Euro \end{matrix} \right\} \to £0.8346 = A \$ 1.2429

Here we are *given* A$500 and we require its equivalent in £ sterling

A$1.2429 = £0.8346 since they are each equivalent to 1 Euro

**Step 2:** A$1 = £1 × \frac{0.8346}{1.2429} dividing both sides by 1.2429 to get rate for A$1

**Step 3:** A$500 = £1 × \frac{0.8346}{1.2429} × 500 multiplying both sides by 500

A$500 = £335.7470

(b) (ii)

**Step 1:** From Table 1.1 write down the exchange rates for 1 Euro in Singaporean dollars and British pounds:

\left. \begin{matrix} £0.8346 = 1 Euro \\ S \$ 1.6527 = 1 Euro \end{matrix} \right\} \to £0.8346 = S \$ 1.6527

S$1.6527 = £0.8346 since they are each equivalent to 1 Euro

**Step 2:** S$1 = £1 × \frac{0.8346}{1.6527} dividing both sides by 1.6527

**Step 3:** S$10 000 = £1 × \frac{0.8346}{1.6527} × 10 000 multiplying both sides by 10 000

S$10 000 = £5049.9183

Table 1.1 Euro exchange rates | |||

Currency | Rate | Currency | Rate |

British pound | 0.8346 | Canadian dollar | 1.3164 |

US dollar | 1.3003 | Australian dollar | 1.2429 |

Japanese yen | 100.89 | Polish zloty | 4.2984 |

Danish krone | 7.4352 | Hungarian forint | 302.8 |

Brazilian real | 2.2923 | Hong Kong dollar | 10.0912 |

Swiss franc | 1.2065 | Singaporean dollar | 1.6527 |

Norwegian krone | 7.639 | South African rand | 10.3843 |

Malaysian ringgit | 4.0147 | Indian rupee | 65.152 |

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