Learning Goal: How do we convert money into different currencies?

Transcription

1 Name IB Math Studies Year 1 Date 7-3 Cuurency and Commission Rates Learning Goal: How do we convert money into different currencies? Warm-Up: 1. Zoran wants to change 200 Singapore dollars (SGD) to euros. The exchange rate is 1SGD = euros. The bank charges no commission. Calculate how many euros Zoran receives. Commission Commission is the amount/percentage made by the exchanging agency when converting between currencies. If the bank charges commission: 1. Calculate the commission and subtract it from the total that you are exchanging FIRST. 2. Then use the remaining money to continue with the rest of your conversion. Model Problem: Zoran wants to change 200 Singapore dollars (SGD) to euros. The exchange rate is 1SGD = euros. The bank charges 2% commission. a) Calculate how many SGD Zoran will have to pay the exchanging agency. b) Calculate how many euros Zoran receives after the exchange.

2 Let s try one together! 1. Heindrich travels to England to buy some clothes. He changes 3000 euros to British pounds (GBP) at the rate of 1 euro = GBP. The bank charges 1.5% commission. a. Find how many euros the bank charges for commission. b. Find how much Heindrich receives for his 3000 euros. Now you try! 2. Mike travels from the United States to Spain. He changes 2000 United States Dollars to Euros at a rate of 1 USD =.8564 EUR. The bank that Mike exchanges his money at charges 1.8% commission. a. How any Euros does Mike receive when he travels to Spain? During his trip in Spain, Mike spends 1000 Euros. When Mike returns to the United States he decides to convert his remaining Euros back to USD at an exchange rate of 1 EUR = 1.33 USD with no commission charged. b. Calculate the amount of USD Mike receives

3 Buying: You have currency from another country and want to change it to your country s currency. You are buying your currency. BUYING = BACK HOME Buy Rate vs. Sell Rate with Commission Selling: You want to purchase a foreign currency. You are selling your currency. SELLING = SAILING AWAY Let s try one together! 3. A Swiss bank shows currency conversion rates in a table. Part of the table is shown below, which gives the exchange rate between British pounds (GBP) and Swiss francs (CHF). Buy Sell GBP This means that the bank will sell its British pounds to a client at an exchange rate of 1 GBP = CHF. What will be the buying price for 1 GBP? Andrew is going to travel from France to Great Britain. He plans to exchange 1000 CHF into GBP. The bank sells him the money and charges 1.25% commission. How much money will he receive? Give your answer to the nearest pound. Andrew spends 328 GBP in Great Britain and changes the remainder into CHF. There is no commission charge on this exchange. How much money will he receive? Give your answer to the nearest franc.

4 Buying: You have currency from another country and want to change it to your country s currency. You are buying your currency. BUYING = BACK HOME Buy Rate vs. Sell Rate with Commission Selling: You want to purchase a foreign currency. You are selling your currency. SELLING = SAILING AWAY Now you try! 4. Pietro arrives in Singapore and, at the airport, changes 800 euros (EUR) to Singapore dollars (SGD). The bank rates quoted at the airport for exchanging EUR with SGD are given in the following table. There is a 1% commission charged on all exchanges. Calculate the number of SGD Pietro receives. Pietro spends 100 SGD during his trip and wishes to change the rest back to EUR. Calculate the number of EUR Pietro receives

5 Name Lesson 7-3 Homework Date 1. Zog from the planet Mars wants to change some Martian Dollars (MD) into US Dollars (USD). The exchange rate is 1 MD = USD. The bank charges 2% commission. How many US Dollars will Zog receive if she pays 3500 MD? Zog meets Zania from Venus where the currency is Venusian Rupees (VR). They want to exchange money and avoid bank charges. The exchange rate is 1 MD = 1.63 VR. How many Martian Dollars, to the nearest dollar, will Zania receive if she gives Zog 2100 VR? 2. Sven is travelling to Europe. He withdraws $800 from his savings and converts it to euros. The local bank is buying euros at $1: and selling euros at $1: Use the appropriate rate above to calculate the amount of euros Sven will receive. Suppose the trip is cancelled. How much will he receive if the euros in part are changed back to dollars? How much has Sven lost after the two transactions?

6 4. A Swiss bank shows currency conversion rates in a table. Part of the table is shown below, which gives the exchange rate between British pounds (GBP) and US dollars (USD). Buy Sell USD This means that the bank will sell its US dollars to a client at an exchange rate of 1 USD = GBP. What will be the buying price for 1 USD? Jessica is going to travel from the United Kingdom to the United States. She plans to exchange 3000 GBP into USD. The bank sells her the money and charges 1.4% commission. How much money will she receive? Give your answer to the nearest dollar. Jessica spends 1220 USD and changes the remainder into GBP. There is no commission charge on this exchange. How much money will she receive? Give your answer to the nearest pound.

7 FINAL EXAM REVIEW 5. Daniel grows apples and chooses at random a sample of 100 apples from his harvest. He measures the diameters of the apples to the nearest cm. The following table shows the distribution of the diameters. Using your graphic display calculator, write down the value of the mean of the diameters in this sample; the standard deviation of the diameters in this sample. 6. The following table shows the number of bicycles, x, produced daily by a factory and their total production cost, y, in US dollars (USD). The table shows data recorded over seven days. Write down the Pearson s product moment correlation coefficient, r, for these data. Hence comment on the result. Write down the equation of the regression line yon x for these data, in the form y = ax + b (d) Estimate the total cost, to the nearest USD, of producing 13 bicycles on a particular day.