Today, you can get either 116 Canadian dollars or 1,102 Mexican pesos for 100 U.S. dollars. Last year, 100 U.S. dollars was worth 123 Canadian dollars or 1,148 Mexican pesos. Which one of the following
Statements is correct given this information?

Question

Quizplus · Accepted Answer

We can compare the values of the currencies last year to the values of the currencies today to determine which option is correct.

Last year: 
- $100 = 123 Canadian dollars 
- $100 = 1,148 Mexican pesos

Today: 
- $100 = 116 Canadian dollars 
- $100 = 1,102 Mexican pesos

To find the answer, we need to determine what $100 last year would be worth in Mexican pesos today.

Option A: $100 in Canadian dollars last year would be worth approximately $105.23 today (123/116 x 100). This is not what we are looking for.

Option B: $100 in Mexican pesos last year would be worth approximately $99.17 today (100/1,148 x 1,102). This is not what we are looking for.

Option C: $100 in Mexican pesos last year would be worth approximately $104.17 today (1,148/1,102 x 100). This is the correct answer.

Option D: $100 in Canadian dollars last year would be worth approximately $94.31 today (116/123 x 100). This is not what we are looking for.

Option E: This answer cannot be determined with the given information.

Today, You Can Get Either 116 Canadian Dollars or 1,102