Answer to Question #349814 in Financial Math for Mercii

Question #349814

An American businessman visiting London changed US$500 into English pounds when the rate of exchange was $1.75 to the pound. He spent £257 and changed the rest back into dollars when the rate of exchange was $1.55 to the pound. At each transaction the bank charged a commission of 2%. How many dollars did the man have at the end of these transactions?


1
Expert's answer
2022-06-13T12:04:21-0400

1.An American businessman visiting London changed US$500 into English pounds when the rate of exchange was $1.75 to the pound. The bank charged a commission of 2%.


"\\dfrac{500(0.98)}{1.75}=\u00a3280"

2. He spent £257


"280-257=\u00a323"

3.  He changed the rest back into dollars when the rate of exchange was $1.55 to the pound. The bank charged a commission of 2%.


"23(0.98)1.55=\\$34.94"

The man had $34.94 at the end of these transactions.



Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS