Money: Practice Questions

John exchanges $$200$$ US dollars ($$) into Euros (€). The exchange rate is$$1\(\text{ US dollar} = \text{€}0.85\)$$. How many Euros does John receive?

A business traveller converts \(2500\) USD to British Pounds (£) when the exchange rate is \(1 \text{ USD} = 0.78 \text{ GBP}\). The bank charges a 1.5% commission on the initial amount in USD before the conversion. Calculate the total amount the traveller receives in GBP.

An amount of \(\$10,000\) is invested in two different banks.

Bank A: Pays \(6\%\) simple interest per year.
Bank B: Pays \(5.5\%\) compound interest per year.

Find the minimum number of full years required for the total amount in Bank B to be greater than the total amount in Bank A.

A traveler changes \(£800\) into Japanese Yen (\(¥\)). The bank first deducts a 2% commission from the initial \(£800\) for the service. The remaining amount is then converted at an exchange rate of \(£1 = ¥192.50\). How many Yen does the traveler receive?

A tourist converts \(\text{£}800\) into Japanese Yen (\(¥\)) at a rate of \(\text{£}1 = ¥185\). The bank charges a commission of 2%<\/b> on the GBP amount before the conversion. Calculate how many Yen the tourist receives.<\/p>

An online retailer sells a smartphone for a certain price. In a sale, the price is reduced by \(15\%\) to a sale price of \(\$544\).

(a) Calculate the original price of the smartphone before the discount.

(b) The retailer originally bought the smartphone from a supplier for \(\$400\). Calculate the percentage profit made by the retailer based on the sale price of \(\$544\).

(c) The price of \(\$544\) is in US Dollars (USD). A customer in the UK wants to pay in British Pounds (GBP). Given the exchange rate is \(1\text{ USD} = 0.78\text{ GBP}\), calculate the price in GBP.