Converting to a foreign currency
When you go abroad you need to change your money to the currency of the country you visit.
A table of exchange rates is shown below.
| Country | Exchange rate for pound sterling |
| Australia | 2.82 Australian dollars |
| European countries with euro | 1.58 euros |
| Switzerland | 2.32 Swiss francs |
| South Africa | 16.34 rand |
| Turkey | 4.14 New Turkish lira |
| USA | 1.55 US dollars |
| Country | Australia |
|---|---|
| Exchange rate for pound sterling | 2.82 Australian dollars |
| Country | European countries with euro |
|---|---|
| Exchange rate for pound sterling | 1.58 euros |
| Country | Switzerland |
|---|---|
| Exchange rate for pound sterling | 2.32 Swiss francs |
| Country | South Africa |
|---|---|
| Exchange rate for pound sterling | 16.34 rand |
| Country | Turkey |
|---|---|
| Exchange rate for pound sterling | 4.14 New Turkish lira |
| Country | USA |
|---|---|
| Exchange rate for pound sterling | 1.55 US dollars |
To change British money to foreign money - multiply by the exchange rate.
\(Foreign\; currency = British\; currency \times exchange\; rate\)
Example
Anne is going to Spain on holiday and changes \(\pounds200\) to euros. How many euros does she get?
Answer
One pound is \(\euro1.58\)
Amount of euros\( = 200 \times 1.58 = 316\)
Anne gets \(\euro316\)
Use the table of exchange rate above to answer the following question.
Question
Tim is going to Florida for his holidays.
He saves \(\pounds150\) of his pocket money.
How many dollars will he get?
One pound is \(1.55\) dollars
Amount of dollars \(= 150 \times 1.55 = 232.5\)
Tim gets \(232.50\) dollars.