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MONEY

MONEY. This lesson will teach how to use exchange rates. What is an Exchange Rate?.

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MONEY

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  1. MONEY This lesson will teach how to use exchange rates.

  2. What is an Exchange Rate? In finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. It is the value of a foreign nation’s currency in terms of the home nation’s currency. http://en.wikipedia.org/wiki/Exchange_rate

  3. Step 1- Pick the foreign currency you would like to exchange • United Kingdom Pound • Mexican Pesos • Canadian Dollar • Japanese Yen • European Euro

  4. Step 2- Figure out the Exchange Rate If you are not given the exchange rate then you can find it on the internet by googling: Exchange Rate.

  5. Step 3- Determine How much you would like to exchange

  6. Step 4- Plug into the following Formula • $$$$ * Exchange Rate= Amount of Foreign Currency • Examples: • $150 * .73 = 109.50 Euros • 100 pounds = $66

  7. You want to have at least 100 pounds per week to spend in a four week vacation to the United Kingdom. How much do you need to save before your trip? • $650 • $400 • $600 • $550 Exchange Rate- 1 pound = $1.5

  8. How many American Dollars would I need to save up if I want to have 500 Euros when I visit Paris? • $650 • $700 • $685 • $635 The Exchange Rate is $1.00 = .73 Euro

  9. I Have $300 to take on a trip to Canada, how many Canadian Dollars will I have to spend? A. 300 B. 285 C. 320 D. 310

  10. If I have 5000 pesos, how many American Dollars would I have? • $400 • $425 • $300 • $375 Exchange Rate- 1 peso = .08 Dollars

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  20. You Have Completed this Quiz!

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