Choosing a money changer with a commission
Choosing a money changer with a commission
IP 1
7 marks
Two money changers exchange Singapore dollars (SGD) for Japanese yen (JPY).
- Changer \(P\): \(1\) SGD \(=108.5\) JPY, with no fee.
- Changer \(Q\): \(1\) SGD \(=111.2\) JPY, after a commission of \(12\) SGD is deducted from the amount changed.
- Find the number of yen received for \(800\) SGD from each changer.[2]
- Find the amount of SGD, correct to the nearest dollar, for which both changers give the same number of yen.[3]
- Advise a traveller on which changer to use, and state one assumption made in your advice.[2]
Solution:
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Answer:(a) \(P\): \(86\,800\) JPY, \(Q\): \(87\,625.6\) JPY (b) about \(494\) SGD (c) use \(Q\) above about \(494\) SGD and \(P\) below it, assuming the rates hold and no other fees apply
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