Question

Use the information below to answer the following questions. 1.2379 Polish Zloty Euro Mexican Peso Swiss Franc Chilean Peso New Zealand Dollar Singapore Dollar U.S. $ EQUIVALENT CURRENCY PER U.S. 2989 3.3456 .8078 0752 13.2993 1.0299 9710 002071 482.80 .8083 1.2371 .8007 1.2489 a. If you have $280, how many Polish zloty can you get? (Do not include the Polish zloty sign (Z). Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much is one euro worth in U.S. dollars? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) c. If you have 4.60 million euros, how many dollars do you have? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 1,234,567.) d. Which is worth more, a New Zealand dollar or a Singapore dollar? e. Which is worth more, a Mexican peso or a Chilean peso? f-1. How many Swiss francs can you get for a euro? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) f-2. What do you call this rate? a. Polish zloty b. Value of one euro c. Value in dollars d. Worth more Worth more f-1. Swiss francs per dollar f-2. Type of rate

Answer 1

First column i.e. US $ equivalent is US $/currency and

Second column is Currency/US $

(A)

Polish Zloty/US $ = 3.3456

Therefore, Polish Zloty for $280 = 280×3.3456 = $936.768

(B)

US $/€ = 1.2379

Therefore, One € worth in US $ = $1.2379

(C)

US $/€ = 1.2379

Therefore, Dollars equivalent to €4600000 = 4600000×1.2379 = $5,694,340

(D)

NZ $/US $ = 1.2371 and SG $/US $ = 1.2489

NZ $ equivalent to $1 is LESS than SG $ equivalent to $1

Therefore, NZ $ is worth more than SG $

(E)

Mexican Peso/US $ = 13.2993 and Chilean Peso/US $ = 482.8

Mexican Peso eqivalent to $1 is less than Chilean Peso equivalent to $1

Therefore, Mexican Peso is worth more than Chilean Peso

(F)

(1)

Swiss Francs/€ = Swiss Francs/US $ × US $/€

= 0.971 × 1.2379 = 1.202

(2)

As all the currencies are given in terms of US $, it can be assumed that US $ is the HOME CURRENCY.

An exchange rate in which, none of the currencies is home currency, is called a CROSS RATE.

Therefore, Swiss Francs/€ is a Cross Rate

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