Converting Currencies Assign Yourself: Data Collection due to - PowerPoint Presentation

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Converting Currencies Assign Yourself: Data Collection due to - PPT Presentation

Ms Griffiths email by 1159PM tonight 109 Part 1 Simple Currency Conversion Simple Currency Conversion Given Conversion Explicitly Sample question 1 A bank exchanges 1 British pound GBP for 19 Australian dollars AUD Convert ID: 1031626

commission usd convert zar usd commission zar convert exchange currency sgd buy conversion nok gbp simple dollar rand rate

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1. Converting CurrenciesAssign Yourself: Data Collection due to Ms. Griffith’s email by 11:59PM tonight, 10/9!

2. Part 1Simple Currency Conversion

3. Simple Currency Conversion:Given Conversion ExplicitlySample question 1: A bank exchanges 1 British pound (GBP) for 1.9 Australian dollars (AUD). Convert:40 GBP to AUD500 AUD to GBPOption 1: If you understand, multiply or divide exchange rate.Option 2: Set up a proportion.1 GBP = 1.9 AUD40 * 1.9 = 76 AUDOR , x = 76 AUD 1 GBP = 1.9 AUD500 / 1.9 = 263 GBPOR , x = 263 GBP

4. Simple Currency Conversion:Practice On Your OwnA currency exchange will convert 1 Singapore dollar (SGD) to 5.4 South African rand (ZAR). Convert:3000 SGD into ZAR b. 21000 ZAR into SGD

5. Simple Currency Conversion:Practice On Your OwnA currency exchange will convert 1 Singapore dollar (SGD) to 5.4 South African rand (ZAR). Convert:3000 SGD into ZAR b. 21000 ZAR into SGDTry again on your own. Convert:c. 450 SGD into ZAR d. 1.35 ZAR into SGD

6. Simple Currency Conversion:Practice On Your OwnA currency exchange will convert 1 Singapore dollar (SGD) to 5.4 South African rand (ZAR). Convert:3000 SGD into ZAR b. 21000 ZAR into SGDTry again on your own. Convert:c. 450 SGD into ZAR d. 1.35 ZAR into SGD

7. Simple Currency Conversion:With Table of Exchange Rates1. Write down exchange rate from:a. CHF to USD b. USD to CHF2. Convert:a. 3000 USD to GBPb. 10000 francs to pounds.Step 1: Choose row for original currency and column for new currency.Step 2: Multiply.(NOTE: If only one is given, you have to decide whether to multiply or divide.)Answers:1) a) 0.97 b) 1.032) a) 3000 * 0.625 = 1875 GBP b) 10000 * 0.6 = 6000 GBP//////USDGBPCHFUSD10.6251.03GBP1.6011.67CHF0.970.601

8. Simple Currency Conversion:With Table of Exchange Rates1. Convert 200 USD into:a. TWD b. NOK c. CNY2. Convert 5000 NOK into:a. USD b. CNYThe table below shows exchange rates for the US Dollar.///////USDTaiwan Dollar (TWD)31.9632Norwegian Kroner (NOK)5.8818Chinese Yuan (CNY)6.8268

9. Simple Currency Conversion:With Table of Exchange Rates1. Convert 200 USD into:a. TWD b. NOK c. CNY2. Convert 5000 NOK into:a. USD b. CNYThe table below shows exchange rates for the US Dollar.Answers:1) a) 200 * 31.9632 = 6392.64 TWD b) 200 * 5.8818 = 1176.36 NOK c) 200 * 6.8268 = 1365.36 CNY2) a) 5000/5.8818 = 850.08 USD b) 850.08 * 6.8268 = 5803.33 CNY///////1 USDTaiwan Dollar (TWD)31.9632Norwegian Kroner (NOK)5.8818Chinese Yuan (CNY)6.8268

10. Trading with CommissionFirst Stop: Commission via Exchange Rate

11. CommissionCurrency traders don’t exchange money just because they’re nice…Customers usually have to pay for this service.The commission can vary from ½% to 3% of could be a “flat fee.”Some traders charge no commission but offer worse exchange rates instead.

12. Commission with Buy/SellConvert 400 USD into euros.How much does it cost in USD to buy 5000 Yen (JPY)?How many USD can you buy for 2000 Swedish kronor?Make sure you choose the appropriate column (BUY or SELL).Answers:400 * 0.6547 = 261.88 EUR5000/87.36 = 57.23 USD2000/6.8075 = 293.79 USDCountryCodeBuysSellsEuropeEUR0.68190.6547U.K.GBP0.60640.5821AustraliaAUD1.08831.0601CanadaCAD1.06811.0253ChinaCNY6.84656.8017DenmarkDKK5.05934.8569JapanJPY90.9987.36NorwayNOK5.52485.3038Singap.SGD1.40471.3485S. AfricaZAR7.36087.0663SwedenSEK6.80756.5352

13. Commission with Buy/SellFind the cost in USD of:400 Canadian dollars (CAD)¥12 430Find how many USD you could buy for:€ 2500 (EUR)57000 rand (ZAR)Make sure you choose the appropriate column (BUY or SELL).CountryCodeBuysSellsEuropeEUR0.68190.6547U.K.GBP0.60640.5821AustraliaAUD1.08831.0601CanadaCAD1.06811.0253ChinaCNY6.84656.8017DenmarkDKK5.05934.8569JapanJPY90.9987.36NorwayNOK5.52485.3038Singap.SGD1.40471.3485S. AfricaZAR7.36087.0663SwedenSEK6.80756.5352

14. Commission with Buy/SellFind the cost in USD of:400 Canadian dollars (CAD)¥12 430Find how many USD you could buy for:€ 2500 (EUR)57000 rand (ZAR)Make sure you choose the appropriate column (BUY or SELL).Answers:1. 390.13 USD 2. 142.28 USD1. 3666.23 USD2. 7743.72 USDCountryCodeBuysSellsEuropeEUR0.68190.6547U.K.GBP0.60640.5821AustraliaAUD1.08831.0601CanadaCAD1.06811.0253ChinaCNY6.84656.8017DenmarkDKK5.05934.8569JapanJPY90.9987.36NorwayNOK5.52485.3038Singap.SGD1.40471.3485S. AfricaZAR7.36087.0663SwedenSEK6.80756.5352

15. Fixed-Rate CommissionAnswers:Commission = R800 * 1.5% = R800 * 0.015 = R12Wendy receives 788 * 3.86 rubles ≈ 3042 rubles(We only multiply by 788 instead of 800 because the banker took 12 for commission.)A banker changes South African rand to other currencies at a fixed commission of 1.5%. Wendy wishes to convert R800 to rubles where R1 buys 3.86 Russian rubles.What commission is charged?How much does Wendy receive?

16. Fixed-Rate CommissionA bank exchanges UK pounds for a commission of 1.5%. For the following transactions, calculate:The commission chargedHow much the customer receivesConverting 500 pounds to USD where £1 UK buys 1.8734 USD.Converting £1200 UK to New Zealand dollars where £1 UK buys $2.8424 NZ.

17. Fixed-Rate CommissionAnswers: i. 500 * 0.015 = £ 7.50The bank charges £ 7.50 in commission.ii. 492.5 * 1.8734 = $ 922.65The customer receives $ 922.65. i. 1200 * 0.015 = £ 18The bank charges £ 18 in commission.ii. 1182 * 2.8424 = 43359.72 NZ.The customer receives $3359.72 NZ.A bank exchanges UK pounds for a commission of 1.5%. For the following transactions, calculate:The commission chargedHow much the customer receivesConverting 500 pounds to USD where £1 UK buys 1.8734 USD.Converting £1200 UK to New Zealand dollars where £1 UK buys $2.8424 NZ.

18. Book PracticeP. 458 - #3, 4P. 459 - #5P. 460 - #3P. 461 - #6, 7P. 462 - #2