Solved Worksheet : Currency Exchange Use the exchange rates ... - Free Printable

Let's solve each question step by step using the exchange rates provided in the table:

Exchange Rates (from the table):

| Currency | In Canadian Dollars (C$) | In that Currency per C$1 |
|---------|--------------------------|----------------------------|
| US Dollar (US$) | 0.991051 | 1.00903 |
| British Pound (£) | 0.616697 | 1.62154 |
| Euro (€) | 0.727323 | 1.37490 |
| Japanese Yen (¥) | 82.413 | 0.012134 |
| Jamaican Dollar (J$) | 83.6623 | 0.011953 |

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Question 5: Marilyn in Montego Bay, Jamaica

Marilyn has C$120 for souvenirs.

#### a) How much does she have in Jamaican dollars to spend?

We use the exchange rate:
1 Canadian Dollar = 83.6623 Jamaican Dollars

So:
$$
C\$120 \times 83.6623 = J\$10,039.476
$$

✔ Answer: J$10,039.48 (rounded to nearest cent)

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#### b) She finds a T-shirt for J$668 in one shop and J$680 in another.
How much does each cost in Canadian dollars?

Use:
1 Jamaican Dollar = 0.011953 Canadian Dollars

- First T-shirt:
$$
J\$668 \times 0.011953 = C\$7.98
$$

- Second T-shirt:
$$
J\$680 \times 0.011953 = C\$8.10
$$

✔ Answer:
- First T-shirt: C$7.98
- Second T-shirt: C$8.10

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#### c) Should she go back to the first shop to buy the T-shirt? Explain.

Yes, she should go back to the first shop because the T-shirt is cheaper there (C$7.98 vs. C$8.10). Even though it’s only C$0.12 cheaper, it’s still better value.

Also, since she has a budget of C$120, both are well within her budget, so price difference matters.

✔ Answer: Yes, because it costs less (C$7.98 vs. C$8.10), saving her money.

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Question 6: Su Mei and the Cell Phone

She finds an online deal:
- Used phone: US$99 + US$30 shipping → Total = US$129

Local store: C$199 new

#### a) What is the total cost of the used cell phone in Canadian dollars?

Convert US$129 to Canadian dollars using:
1 US$ = 0.991051 C$

$$
US\$129 \times 0.991051 = C\$127.84
$$

✔ Answer: C$127.84

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#### b) Do you think Su Mei should buy the cell phone online? Why?

Compare:
- Online: C$127.84 (used with shipping)
- Local: C$199 (new)

✔ Yes, she should buy online because:
- The online price is significantly cheaper (C$127.84 vs. C$199).
- She saves about C$71.16.
- It's a used phone, but if it's functional, it's a great deal.

⚠️ Possible cons:
- Shipping time, no return policy, warranty issues, or risk of damage.

But overall, yes, it’s a better financial decision.

✔ Answer: Yes, because it’s much cheaper and still functional.

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Question 7: Chelsea in Manchester, England

She bought a sweater for £28 in England.
Back home, same sweater costs C$38.

We need to compare both prices in Canadian dollars.

Use:
1 British Pound = 0.616697 C$

So:
$$
£28 \times 0.616697 = C\$17.27
$$

Now compare:
- Price in UK: C$17.27
- Price in Canada: C$38

Difference:
$$
C\$38 - C\$17.27 = C\$20.73
$$

✔ Answer:
- The sweater cost more in Canada.
- It was C$20.73 more expensive in Canada than in England.

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Question 8: Sonya and the Dress

Sonya found:
- Online: US$139
- Local store: C$230

We need to convert US$139 to Canadian dollars.

Use:
1 US$ = 0.991051 C$

$$
US\$139 \times 0.991051 = C\$137.76
$$

Now compare:
- Online: C$137.76
- Local: C$230

✔ Advice: Buy online.

#### Pros of shopping online:
- Much cheaper (saves C$92.24)
- Wider selection
- Often better deals

#### Cons of shopping online:
- Waiting time for delivery
- No ability to try on
- Risk of incorrect size or quality
- Return process may be complicated

#### Pros of local shopping:
- Can try it on immediately
- Immediate ownership
- Easier returns/exchanges
- Support local business

#### Cons of local shopping:
- More expensive
- Limited selection

✔ Final Advice: Buy online — it's significantly cheaper. Only consider local if fit is critical and she wants immediate possession.

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✔ Final Answers Summary:

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5. Marilyn in Jamaica
a) J$10,039.48
b) First T-shirt: C$7.98; Second: C$8.10
c) Yes — cheaper at first shop.

6. Su Mei and Cell Phone
a) C$127.84
b) Yes — it’s much cheaper than the new one locally.

7. Chelsea and Sweater
The sweater cost more in Canada by C$20.73.

8. Sonya and Dress
Buy online: C$137.76 vs. C$230
Pros: Cheaper, wider options.
Cons: Wait time, can't try on.
Recommendation: Buy online unless fit is uncertain.

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