currency conversions.notebook - Grade 10 Math
currency conversions.notebook - Grade 10 Math
currency conversions.notebook - Grade 10 Math
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<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
Review of Mark Up & Percent<br />
1
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
CURRENCY<br />
CONVERSIONS<br />
2
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
Introduction<br />
• The value of money is determined<br />
when people are willing to accept it<br />
in exchange for goods and<br />
services.<br />
• Previous to using money,<br />
bartering was used as the primary<br />
means of trade.<br />
3
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
• As the exchanges became more and<br />
more complicated, a standard system had<br />
to be devised.<br />
• The result was money, and eventually<br />
each nation developed its own form of<br />
<strong>currency</strong>.<br />
4
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
• Examples of different<br />
currencies around the<br />
world.<br />
• What other currencies<br />
have you seen or used<br />
5
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
Exchange Rates<br />
• What the Canadian dollar is worth<br />
changes every day.<br />
• It goes up and down based on how well<br />
our economy is doing compared to<br />
everyone else.<br />
• Since we were recovering much faster<br />
from the recession than the US, our dollar<br />
was at one point this summer worth the<br />
same or more than the US dollar.<br />
6
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
Where to find exchange rates<br />
• A great place to find up to date<br />
exchange information is www.xe.com<br />
http://www.xrates.com/<br />
http://www.xe.com/<br />
http://finance.yahoo.com/<strong>currency</strong>investing/majors<br />
7
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
How much would a Euro cost If you are Canadian If you are American<br />
How much would a pound costIf you are Canadian If you are American<br />
How much would an American dollar cost Vice a versa<br />
If you have $400 Canadian, how much would you have in<br />
Euro<br />
8
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
Example #1<br />
• The best way to solve these<br />
problems is by setting up a ratio and<br />
cross multiplying and dividing.<br />
• 1 Scottish pound<br />
= 2.4965 CDN<br />
This is your<br />
exchange rate<br />
• A Scottish kilt that costs 37.50<br />
• pounds is how much CDN<br />
9
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
Example #1<br />
A Scottish kilt (37.50 pounds) is how<br />
much CDN<br />
1 pound = 2.4965 CDN<br />
37.50 pounds = x CDN<br />
x = 37.50(2.4965) = $93.62<br />
1<br />
<strong>10</strong>
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
• How about another one! How<br />
• expensive was a 25 Euro meal<br />
• on your recent trip to Spain<br />
• A meal of 25 euros is how much CDN<br />
This is your<br />
exchange rate<br />
1 euro = 1.4361 CDN<br />
25 euros = x CDN<br />
x = 25 (1.4361) = $35.90<br />
1<br />
11
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
Lucy comes home from her grad trip to Europe and has 200 Euros left.<br />
How much Canadian money will she get if she sells it back to the bank<br />
200 x 1.580814 1/1.644814=.607987<br />
316 $200 cost $329<br />
12
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
Page 47 q 14<br />
Quest 4<br />
Rate is 1.644814<br />
1200 can't be multiplied by this......<br />
To determine the rate you must divide by the rate<br />
So 1200 / 1.644814 = $729.57<br />
13
<strong>currency</strong> <strong>conversions</strong>.<strong>notebook</strong><br />
March 18, 2013<br />
14
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