Is that real money?

Today we will learn… that money has different names, appearance and value in other countries how to perform simple calculations based on exchange rates

What money do we use? This is the money we use in the United Kingdom now… This is the currency of the United Kingdom

What currency do other countries use?

How do we change pounds into other currencies? To change British money to foreign money, multiply by the exchange rate: FOREIGN CURRENCY = BRITISH CURRENCY x EXCHANGE RATE Example Priya is going to Spain on holiday and changes £200 to Euros. If £1 can be exchanged for €1.50 Euros how many euros will Priya get for £200 £200 x 1.50 = € ? Priya gets €300

How do we change pounds into other currencies? Question 1 – Answer Tim is going to Florida for his holidays. He saves £150 of his pocket money. How many dollars will he get if the exchange rate is: £1 is worth $1.55 Dollars? So £150 x 1.55 = $ Tim gets $232.50

How much will Priya and Tim get today? Question 2 – Answer What if today’s exchange rate is £1 = €1.15 Euros How much will Priya get? Priya gets €230 Question 3 - Answer What if today’s exchange rate is £1 = €1.29 Dollars How much will Tim get? Tim gets $193.50

Can they afford to buy...? $13 ₹42 ¥300 €9 Maria in Florida Prakash in India $13 ₹42 Lillie in Japan Tyler in Paris ¥300 €9

Today’s exchange rates 1 GBP = 1.36 US Dollars 1 GBP = 85.91 Indian Rupees 1 GBP = 153 Japanese Yen 1 GBP = 1.12 Euros As at 05.01.2018

Plenary Can the young people in the scenarios afford what they want? Why do we need to know what other countries money is worth? Do you think that things are more expensive or cheaper in different countries?

So today we have learnt… why it is important to understand other currencies particularly when visiting other countries why we need to keep track of spending and savings