Question

21) Convert $5,600 US dollars to Euros, if the current exchange rate is 1 US Dollar-.85 EurosIf the bank charges a 1% conversion fee, find the total amount of Euros you would have tospend

Answer 1

Lets convert from US dollars to euros

If $1 (US dollars) is equivalent to 85 euros

$5,600 (US dollars) in euros will be,

$5600\times85=476,000\text{ euros}$

Since bank charges 1% for conversion fee, total amount you need to spend is,

$\text{Total amount spent=}\frac{1}{100}\times476,000=4760euros\text{ }$

Amount you would have to spend is,

$\text{Amount left =476,000}-4760=471240\text{ euros}$

Hence, amount you have left to spend is 471240 euros.