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Question

A well-travelled friend says never to trust the cashiers at the Currency Exchange kiosks in the airport. So, planning ahead you use your unit conversion knowledge and the exchange rates to convert $1250 Canadian dollars to the currency of the country you are visiting.

The kiosk has posted the following exchange rates:

Table 2: Exchange Rates

Country	Exachange rate
Egypt	1 Canadian dollar = 13.90 Egyptian pounds
italy	1 Canadian dollar = 0.72 Euro

a) Calculate how much you should expect to receive in the currency of the country you are in.

b) The Currency Exchange Kiosk charges a flat fee of 2% for exchanging the money, after they’ve
converted it to the new currency. Calculate how much you will have left in your pocket after this fee is
taken.

Answer 1

a) In Egypt you will get: 1250*13.9 = 17375 Egyptian pound

In Italy you will get: 1250*0.72 = 900 Euros

b) In Egypt after 2% deduction: 17375 - 17375*2/100 = 17027.5 Egyptian pound

In Italy after 2% deduction: 900 - 900*2/100 = 882 Euros