9. Below is the price of currency exchange rates from your local bank. Use the information provided in the table to answer the following questions. A commission of 1·5% is applied to all transactions.


UK pound sterling US dollar


Turkish lira


New Zealand dollar Polish zloty Swiss franc


Currency We buy We sell 0·92 1·24 6·51 1·79 4·25 1·16


0·87 1·16 6·30 1·66 4·09 1·08


(i) Phillip has €300. He wants to convert this to US dollars.


(a) How many dollars will he get? Give your answer to two decimal places.


(b) How much commission does the bank receive in dollars on the transaction?


(ii) Mel has just returned from a trip to London. She has £105 and want to change it to euros.


(a) How many euros will she get? Give your answer to two decimal places.


(b) How much commission does the bank receive in pounds on the transaction?


(iii) Samantha travels to Switzerland for a conference. She converts €1 100 into Swiss francs (CHF).


(a) How many Swiss francs will she get? Give your answer to two decimal places.


(b) When Samantha returns home to Ireland, she has 500 Swiss francs which she did not spend. She wants to convert these back to euros. How many euros will she receive?


(c) How much commission does the bank receive from the conversion of Swiss francs to euros? Give your answer in euros.


(iv) Victoria is travelling from Poland to Ireland. She has 5 000 zloty.


(a) How many euros will she get? Give your answer to two decimal places.


(b) How much commission does the bank receive on the transaction? Give your answer in euros.


(c) On returning to Poland, Victoria has €72. She exchanges this for Polish zloty. How many zloty did she receive?


(d) How much commission does the bank receive on the transaction? Give your answer in euros.


(e) Overall, how much, did Victoria pay for both currency transactions? Give your answer in euros.


Revision questions


13A Core skills 1. Karl has a part time job. He is paid €11·20 per hour from Monday to Friday and €15·60 per hour on weekends. In a particular week he worked from 8 am to 6 pm each day from Monday to Friday, and 11:30 am to 5 pm on Saturday. Calculate his income for the week.


2. Juan works in an art gallery. He is paid a basic salary of €1 650 per month plus 12·5% commission on any sales. Last month Juan made sales amounting to €4 350. Calculate his total wage for the month.


3. A Silicon Valley entrepreneur earns €8 000 000 per year. Assuming there are 24 hours in a day, how much does she earn …?


(i) each month (ii) each week


(iii) each day (iv) each hour


4. Which of these two banks off ers a better deal if you were converting €320 to US dollars? Justify your answer.


●


Bank A charges commission at €5·50 per transaction and off ers an exchange rate of €1 = $1·15


●


Bank B charges no commission and off ers an exchange rate of €1 = $1·10


Section B Moving forward


211


13 Money matters 1


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