Currency Exchange

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Answer Key & Explanations

Currency Exchange · Grade 8 · Worksheet 2

1. Isabella is exchanging 750 US dollars for Canadian dollars. The exchange rate is 1 US dollar = 1.36 Canadian dollars. How many Canadian dollars will she receive? Answer: 1020 Solution: Identify the amount in US dollars: 750. Identify the exchange rate: 1 US dollar = 1.36 Canadian dollars. Multiply the amount in US dollars by the exchange rate: 750 × 1.36.
   Full step-by-step solution

   Step 1: Identify the amount in US dollars: 750. Step 2: Identify the exchange rate: 1 US dollar = 1.36 Canadian dollars. Step 3: Multiply the amount in US dollars by the exchange rate: 750 × 1.36. Step 4: Calculate: 750 × 1.36 = 750 × (136/100) = (750 × 136) / 100 = 102000 / 100 = 1020. The answer is 1020 Canadian dollars.

2. Mason is traveling from the United States to Japan. He has 250 US dollars and wants to convert them to Japanese yen. The exchange rate is 1 US dollar = 145 Japanese yen. How many Japanese yen will Mason receive? Answer: 36250 Solution: Identify the given information: Mason has 250 US dollars, and the exchange rate is 1 US dollar = 145 Japanese yen. To find how many yen he receives, multiply the number of dollars by the exchange rate: 250 × 145.
   Full step-by-step solution

   Step 1: Identify the given information: Mason has 250 US dollars, and the exchange rate is 1 US dollar = 145 Japanese yen. Step 2: To find how many yen he receives, multiply the number of dollars by the exchange rate: 250 × 145. Step 3: Calculate: 250 × 145 = 250 × (100 + 40 + 5) = 250 × 100 + 250 × 40 + 250 × 5 = 25000 + 10000 + 1250 = 36250. Step 4: Mason will receive 36250 Japanese yen. The answer is 36250.

3. Liam is traveling from the United States to Japan and needs to exchange his money. He has $350 USD. The exchange rate is 1 USD = 110 Japanese Yen (JPY). The currency exchange service charges a flat fee of $5. After paying the fee, how many Japanese Yen will Liam receive? Answer: 37950 Solution: First, Liam starts with $350 USD. The exchange service charges a flat fee of $5, so we subtract that fee from his total USD before exchanging. 350 - 5 = 345 USD The rate is 1 USD = 110 JPY.
   Full step-by-step solution

   First, Liam starts with $350 USD. The exchange service charges a flat fee of $5, so we subtract that fee from his total USD before exchanging. Step 1: Calculate USD after fee 350 - 5 = 345 USD Step 2: Apply the exchange rate The rate is 1 USD = 110 JPY. So, 345 USD × 110 JPY/USD = ? Step 3: Multiply 345 × 110 = 345 × (100 + 10) = 345 × 100 = 34500 = 345 × 10 = 3450 Add them: 34500 + 3450 = 37950 Step 4: Conclusion After paying the $5 fee, Liam will receive 37,950 Japanese Yen. Final answer: 37950

4. (4.5 × 10⁶) × (2 × 10⁻³) = ? Answer: 9000 Solution: Multiply the coefficients: 4.5 × 2 = 9 Add the exponents: 6 + (-3) = 3 Combine the results: 9 × 10³ Convert to standard form: 9 × 1000 = 9000 The answer is 9000.
   Full step-by-step solution

   Step 1: Multiply the coefficients: 4.5 × 2 = 9 Step 2: Add the exponents: 6 + (-3) = 3 Step 3: Combine the results: 9 × 10³ Step 4: Convert to standard form: 9 × 1000 = 9000 The answer is 9000.

5. Liam is traveling to Japan and needs to exchange his money. He has $350 USD to convert to Japanese yen. The exchange rate is 110 yen per US dollar, but the currency exchange service charges a 3% fee on the total transaction. After the fee is deducted, how many yen will Liam receive? Answer: 37345 Solution: Liam has $350 USD. Exchange rate: 110 yen per 1 USD. Yen before fee = 350 × 110 350 × 110 = 350 × (100 + 10) = 350 × 100 + 350 × 10 = 35000 + 3500 = 38500 yen So without any fee, he would get 38500 yen.
   Full step-by-step solution

   Let's go step-by-step. --- **Step 1: Find the yen before the fee** Liam has $350 USD. Exchange rate: 110 yen per 1 USD. Yen before fee = 350 × 110 350 × 110 = 350 × (100 + 10) = 350 × 100 + 350 × 10 = 35000 + 3500 = 38500 yen So without any fee, he would get 38500 yen. --- **Step 2: Understand the fee** The fee is 3% of the **total transaction**. "Total transaction" here means the total yen value before fee deduction. So fee = 3% of 38500 yen. 3% of 38500 = (3/100) × 38500 = 3 × 385 = 1155 yen fee. --- **Step 3: Subtract the fee** Yen after fee = 38500 − 1155 38500 − 1155 = 38500 − 1000 − 155 = 37500 − 155 = 37345 yen. --- **Final answer:** 37345

6. Olivia is visiting Canada from the United Kingdom. Olivia has 227 British pounds and wants to exchange them for Canadian dollars. The exchange rate is 1 Canadian dollars for every 1 British pound. How many Canadian dollars will Olivia get? Answer: 227 Solution: Note the exchange rate: 1 GBP = 1 CAD. Multiply the pounds by the rate: 227 × 1 = 227 Canadian dollars.
   Full step-by-step solution

   Step 1: Note the exchange rate: 1 GBP = 1 CAD. Step 2: Multiply the pounds by the rate: 227 × 1 = 227 Canadian dollars. The answer is 227 Canadian dollars.

7. Sophia is planning a trip to Europe and needs to exchange her US dollars for euros. The exchange rate is 1 USD = 0.85 EUR. The currency exchange service charges a 2.5% fee on the total amount of euros received. If Sophia exchanges $400, how many euros will she have after the fee is deducted? Answer: 331.5 Solution: 400 USD × 0.85 EUR/USD = 340 EUR Calculate the 2.5% fee on the euros received 2.5% of 340 EUR = 0.025 × 340 = 8.5 EUR 340 EUR - 8.5 EUR = 331.5 EUR Sophia will have 331.5 euros after the fee is deducted.
   Full step-by-step solution

   Step 1: Calculate the initial euro amount before fees 400 USD × 0.85 EUR/USD = 340 EUR Step 2: Calculate the 2.5% fee on the euros received 2.5% of 340 EUR = 0.025 × 340 = 8.5 EUR Step 3: Subtract the fee from the initial euro amount 340 EUR - 8.5 EUR = 331.5 EUR Sophia will have 331.5 euros after the fee is deducted.

8. Emma is traveling from the United States to Mexico and needs to exchange her money. She has $180 USD to convert to Mexican pesos. The exchange rate is 1 USD = 20 MXN, but the currency exchange service charges a 2.5% fee on the total amount of pesos she would receive. After the fee is deducted, how many Mexican pesos will Emma receive? Answer: 3510 Solution: Calculate how many pesos Emma would receive without fees 180 USD × 20 MXN/USD = 3600 MXN 2.5% of 3600 MXN = 0.025 × 3600 = 90 MXN 3600 MXN - 90 MXN = 3510 MXN Emma will receive 3510 Mexican pesos after the fee is deducted.
   Full step-by-step solution

   Step 1: Calculate how many pesos Emma would receive without fees 180 USD × 20 MXN/USD = 3600 MXN Step 2: Calculate the fee amount 2.5% of 3600 MXN = 0.025 × 3600 = 90 MXN Step 3: Subtract the fee from the total 3600 MXN - 90 MXN = 3510 MXN Emma will receive 3510 Mexican pesos after the fee is deducted.