Question 1

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

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Question 2

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

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Question 3

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

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The answer of Use the currency exchange rates in Table...

Question 4

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

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Question 5

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

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The answer of Use the currency exchange rates in Table...

Question 6

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

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Question 7

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

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Question 8

Calculate each exchange rate in the third column of the following table using the alternative version of the exchange rate given in the second column.

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Question 9

How much will it cost in Canadian dollars to purchase 2000 pesos in Mexican currency at a bank that charges a 3.5% commission on the transaction? Use an exchange rate of C$1.00 = Mexican peso 11.870

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Question 10

How much will it cost (in Canadian funds) to purchase ≤2000 worth of traveller's cheques if the commission rate for this quantity of cheques is 0.5%?

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Question 11

Keiko arrived in Oshawa to study English at Durham College. She used travellers' cheques totalling ×1,000,000 to open a Canadian dollar bank account. What will her opening balance be if the bank charges 0.5% for the currency conversion?

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Question 12

Kevin lives in Calgary and wants to buy a 2003 Corvette. The best price he can find for a low-mileage model in Alberta is $49,000. (No GST would be payable on this private sale.) Through autotrader.com he tracked down a comparable car in California that he can purchase for US$34,500. To bring the car into Canada, he will have to pay 5% GST on the purchase price at Canada Customs. Additional costs will be C$287 for airfare to San Diego, US$350 in special transaction and documentation costs, and US$850 in travel and accommodation costs while driving the vehicle back to Calgary. How much will he save (in C$) by buying the Corvette in California?

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Question 13

In April of 2007, Marielle bought 1200 shares of Yakamura Trading Co. on the Tokyo Stock Exchange at a price of ×1150 per share. The exchange rate at the time was ×105.04 per C$. She sold the stock for ×1310 per share in August of 2009 when the exchange rate was ×88.06 per C$. In Canadian dollars, how much did Marielle gain or lose on the investment?

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Question 14

The above table presents the mid-rates, the Royal Bank's buy and sell rates, and ICE's buy and sell rates (at their Vancouver International Airport operation) on the same date for conversions between the Canadian dollar and three other major currencies.
a) As a percentage of the mid-rate, calculate to the nearest 0.01% the percent spread (between buy and sell rates) on US dollar conversions for each of the Royal Bank and ICE.
b) As a percentage of the mid-rate, calculate the percent buy-sell spread on British pound conversions for each of the Royal Bank and ICE.
c) As a percentage of the mid-rate, calculate the percent buy-sell spread on euro conversions for each of the Royal Bank and ICE.

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Question 15

Based on the exchange rates in Problem 20, how many more British pounds can you obtain with C$2000 at the Royal Bank than at ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.

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Question 16

Based on the exchange rates in Problem 20, how many more euros can you obtain with C$1500 at the Royal Bank than at ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.

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Question 17

Based on the exchange rates in Problem 20, how many fewer Canadian dollars will you receive if you convert US$165 at ICE instead of at the Royal Bank? On any currency exchange transaction, ICE applies a C$3.50 service charge.

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Question 18

Based on the exchange rates in Problem 20, how many fewer Canadian dollars will you receive if you convert €96 at ICE instead of at the Royal Bank? On any currency exchange transaction, ICE applies a C$3.50 service charge

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Question 19

a) Based on the exchange rates in Problem 20, to the nearest 0.01%, what was the percent transaction cost on your purchase of ≤250 from each of the Royal Bank and ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.
b) You returned from your trip to Scotland with ≤16. Assuming the exchange rates remained the same, what percent transaction cost would you have paid to convert ≤16 back to C$ at the Royal Bank and at ICE?

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Question 20

a) Based on the exchange rates in Problem 20, to the nearest 0.01%, what was the percent transaction cost on your purchase of €1100 from each of the Royal Bank and ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.
b) You returned from your trip to Italy with €53. Assuming the exchange rates remained the same, what percent transaction cost would you have paid to convert €53 back to C$ at the Royal Bank and at ICE?

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Quiz 3: Ratios and Proportions

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

Use the currency exchange rates in Table 3.2 to calculate the equivalent amounts of currencies.

Calculate each exchange rate in the third column of the following table using the alternative version of the exchange rate given in the second column.

How much will it cost in Canadian dollars to purchase 2000 pesos in Mexican currency at a bank that charges a 3.5% commission on the transaction? Use an exchange rate of C$1.00 = Mexican peso 11.870

How much will it cost (in Canadian funds) to purchase ≤2000 worth of traveller's cheques if the commission rate for this quantity of cheques is 0.5%?

Keiko arrived in Oshawa to study English at Durham College. She used travellers' cheques totalling ×1,000,000 to open a Canadian dollar bank account. What will her opening balance be if the bank charges 0.5% for the currency conversion?

Based on the exchange rates in Problem 20, how many more British pounds can you obtain with C$2000 at the Royal Bank than at ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.

Based on the exchange rates in Problem 20, how many more euros can you obtain with C$1500 at the Royal Bank than at ICE? On any currency exchange transaction, ICE applies a C$3.50 service charge.

Based on the exchange rates in Problem 20, how many fewer Canadian dollars will you receive if you convert US$165 at ICE instead of at the Royal Bank? On any currency exchange transaction, ICE applies a C$3.50 service charge.

Based on the exchange rates in Problem 20, how many fewer Canadian dollars will you receive if you convert €96 at ICE instead of at the Royal Bank? On any currency exchange transaction, ICE applies a C$3.50 service charge