How much will it cost in C$ to buy €2000 in traveller's cheques if the exchange rate is C$1.00 = €0.64491, and the financial institution charges a fee of ½%?

Question

Quizplus · Accepted Answer

To calculate the cost in Canadian dollars (C$) to buy €2000 in traveller's cheques, first, find the equivalent amount in C$ without the fee: €2000 / €0.64491 = C$3101.21. Then, calculate the fee: 0.5% of C$3101.21 = C$15.51. Finally, add the fee to the initial amount: C$3101.21 + C$15.51 = C$3116.72 (rounded to the nearest cent, the correct answer is C$3116.71 due to rounding in the calculation process).

How Much Will It Cost in C$ to Buy €2000