Currency exchange questions with answers

Questions

1. Question 1Singapore dollars into a foreign currency

   The table shows a money changer's exchange rates. Devi changes S$200 into US dollars. Find the amount, in US dollars, that Devi receives. Give your answer correct to 2 decimal places where necessary.

   Currency	S$1 buys
   Thai baht (THB)	26.2
   Hong Kong dollars (HK$)	5.85
   US dollars (US$)	0.75

   Show the worked solution

   1. Step 1: Use the exchange rate: multiply or divide?$200 \times 0.75$$= 150$Devi receives US$150.
2. Question 2A foreign currency back into Singapore dollars

   The table shows a money changer's exchange rates. After a holiday, Farah changes €319.90 back into Singapore dollars at the same rate. Find the amount, in Singapore dollars, that Farah receives, correct to the nearest cent.

   Currency	S$1 buys
   Malaysian ringgit (RM)	3.42
   Japanese yen (¥)	108
   euros (€)	0.7

   Show the worked solution

   1. Step 1: Use the exchange rate: multiply or divide?$\dfrac{319.9}{0.7}$$= 457$Farah receives S$457.00.
3. Question 3Rates given as the cost of 1 foreign unit

   The table shows the cost in Singapore dollars of 1 unit of some currencies. Ali changes RM 250 into Singapore dollars. Find the amount, in Singapore dollars, that Ali receives, correct to the nearest cent.

   Currency	1 unit costs
   Malaysian ringgit (RM)	S$0.3
   Japanese yen (¥)	S$0.009
   Australian dollars (A$)	S$0.87

   Show the worked solution

   1. Step 1: Use the exchange rate: multiply or divide?$250 \times 0.3$$= 75$Ali receives S$75.00.
4. Question 4Which money changer gives the better deal?

   Nur wants to change S$200 into Japanese yen. The rates at two money changers are shown in the table. Which money changer gives Nur more Japanese yen?

   Money changer	Rate
   A	S$1 = ¥112.5
   B	S$100 = ¥11475

   Show the worked solution

   1. Step 1: Money changer A: the amount of Japanese yen received$\text{A: } 200 \times 112.5 = 22500$
   2. Step 2: Money changer B: first find what S$1 buys$\dfrac{11475}{100} = 114.75$$\text{B: } 200 \times 114.75 = 22950$
   3. Step 3: The better deal gives more foreign currencyMoney changer B gives more Japanese yen.
5. Question 5One foreign currency into another (through S$)

   On a certain day, S$1 $=$ HK$5.85 and S$1 $=$ €0.68. Ben changes HK$250 into euros, through Singapore dollars. Find the amount, in euros, that Ben receives, correct to 2 decimal places.

   Show the worked solution

   1. Step 1: HK$ into Singapore dollars: divide by 5.85 (keep the full value)$\dfrac{250}{5.85}$$= 42.7350\ldots$
   2. Step 2: Singapore dollars into euros: multiply by 0.68$42.7350\ldots \times 0.68$$= 29.0598\ldots$$\approx 29.06$ (to 2 decimal places)Ben receives €29.06.
6. Question 6Change, spend, change back at a new rate

   Before a holiday, Nur changes S$1,500 into euros when S$1 $=$ €0.7. Nur spends €630 on the holiday. After the holiday, Nur changes the rest back into Singapore dollars when S$1 $=$ €0.71. Find the amount, in Singapore dollars, that Nur receives, correct to the nearest cent.

   Show the worked solution

   1. Step 1: Into euros at the first rate: multiply$1500 \times 0.7 = 1050$
   2. Step 2: Take away what was spent$1050 - 630 = 420$
   3. Step 3: Back into Singapore dollars at the NEW rate: divide$\dfrac{420}{0.71}$$= 591.5493\ldots$$\approx 591.55$ (to the nearest cent)Nur receives S$591.55.
7. Question 7Where is it cheaper?

   A watch costs S$799 in Singapore. The same watch costs US$629 overseas, where S$1 $=$ US$0.75. Where is it cheaper? Show your working.

   Show the worked solution

   1. Step 1: Change the overseas price into Singapore dollars: divide by the rate$\dfrac{629}{0.75}$$= 838.6667\ldots$$\approx 838.67$ (to the nearest cent)
   2. Step 2: Compare with S$799 in SingaporeS$838.67 > S$799, so it is cheaper in Singapore.
8. Question 8Find the exchange rate from a percentage

   A pair of headphones costs S$250 in Singapore. Overseas, the same pair of headphones costs RM 776.25, which is 10% cheaper than the price in Singapore. Find the exchange rate, giving your answer in the form S$1 $=$ RM $x$.

   Show the worked solution

   1. Step 1: The overseas price is worth (100% − p%) of the Singapore price (in dollars)$\dfrac{90}{100} \times 250 = 225$
   2. Step 2: So S$225 is worth RM 776.25: divide to find what S$1 is worth$\dfrac{776.25}{225} = 3.45$S$1 $=$ RM 3.45
9. Question 9Bought overseas, sold at a profit

   Jun Jie buys a pair of headphones overseas for RM 120, when S$1 $=$ RM 3.4. Jun Jie sells it in Singapore and makes a profit of 30% on the cost. Find the selling price in Singapore dollars, correct to the nearest cent.

   Show the worked solution

   1. Step 1: The cost in Singapore dollars: divide by the rate (keep the full value)$\text{Cost} = \dfrac{120}{3.4}$$\phantom{\text{Cost}} = 35.2941\ldots$
   2. Step 2: A 30% profit on the cost: the selling price is (100% + 30%) of the cost$\text{Selling price} = \dfrac{130}{100} \times 35.2941\ldots$$\phantom{\text{Selling price}} = 45.8824\ldots$The selling price is S$45.88 (to the nearest cent).