Currency Conversion and Commission

00:00 8 marks

The exchange rate between Swiss Francs (CHF) and US Dollars (USD) is given as 1 CHF = 1.12 USD.

Part a

2 minutes 2 marks

Question

Calculate the value of 350 CHF in USD.

Hint Hint

Hint

Multiply 350 by 1.12.

Answer Answer
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Complete Answer

392 USD

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Part b

2 minutes 2 marks

Question

Calculate the value of 840 USD in CHF.

Hint Hint

Hint

Divide 840 by 1.12.

Answer Answer
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750 CHF

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Part c

2 minutes 2 marks

Question

Nikolai exchanges 500 CHF to USD at a bank that charges a 2.5% commission. Calculate the amount in USD that Nikolai receives.

Hint Hint

Hint

First, calculate the gross USD amount, then deduct 2.5% commission.

Answer Answer
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546 USD

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Part d

2 minutes 2 marks

Question

With a new exchange rate of 1 CHF = 1.08 USD, calculate the percentage decrease in the value of the CHF against the USD.

Hint Hint

Hint

Use the formula: ((Old rate – New rate) / Old rate) × 100.

Answer Answer
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3.57%

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