After spending a week in the United States, you are travelling back to Canada. Before departure from JFK, you convert your remaining US$ to C$ at the exchange rate of 1.0287 per US$. How many C$ will you receive for $321 if the currency shop charges a 5% commission on this transaction?

Question

Quizplus · Accepted Answer

To find out how many Canadian dollars you will receive, first deduct the commission from the total amount:
Commission = 5% of $321 = $16.05
Amount after commission = $321 - $16.05 = $304.95
Then, to convert this amount to Canadian dollars, we multiply by the exchange rate:
$304.95 x 1.0287 = $313.70
Therefore, you will receive $313.70 Canadian dollars after converting your remaining US dollars, if the currency shop charges a 5% commission.

After Spending a Week in the United States, You Are