Question

The Ruiz family is exchanging euros for US dollars. The exchange rate is 1 euro equals 1.35261 USD. Since the Ruiz family knows that USD are stated to the nearest hundredth of a dollar, they used the conversion ratio. Will this give the Ruiz family the correct

Answer 1

The Ruiz family using a rounded figure for exchange rate will not give the correct exchange.

Exchange rate:

1 euro = 1.35261 USD

1.35261 rounded to the nearest hundredth = 1.35

If Ruiz family is exchanging 50 euros for instance

Original exchange rate

1 euro = 1.35261 USD

50 euro = 67.6305

Rounded exchange rate:

1 euro = 1.35 USD

50 euro = 67.5 USD

Therefore, the Ruiz family using a rounded figure for exchange rate will not give the correct exchange.

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