Ratio, Rate and Speed - Currency Conversion

Ratio, Rate and Speed - Currency Conversion

IP 1
6 marks
  1. An online store in the United States lists a computer at a price in US dollars. The exchange rate is

    \[\text{US\$1}=\text{S\$1.36}.\]

    A customer has a budget of \(\text{S}\$4567\). Convert this amount into US dollars, giving your answer to the nearest cent.

    [2]
  2. A business places \(\$18\,500\) into a reserve account earning simple interest at \(3.2\%\) per annum.

    Determine the minimum number of complete years after which the value of the account will exceed \(\$22\,000\).

    [4]

    Solution:

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    Answer:(i) \(\mathrm{US}\$3358.09\). (ii) \(6\) years.

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