Produced by MEI on behalf of OCR © OCR 2013 Introduction to Quantitative Methods Changing to and from foreign currency.

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Presentation transcript:

Produced by MEI on behalf of OCR © OCR 2013 Introduction to Quantitative Methods Changing to and from foreign currency

Produced by MEI on behalf of OCR © OCR 2013 Information available When changing to or from foreign currency you will usually know how much £1 is worth in the currency. To cover costs and make a profit, money changers do one of the following –Charge a fee for changing money –Use slightly different rates depending on whether they are changing to or from the currency.

Produced by MEI on behalf of OCR © OCR 2013 Changing Euros £1 = €1.196 This means that each pound is worth euros. A euro has 100 cents (similar to a pound having 100 pence) so it is not possible to get € This value is used for calculations but final amounts are rounded to the nearest penny (or cent)

Produced by MEI on behalf of OCR © OCR 2013 Changing from pounds £1 = €1.196 This means that each pound is worth euros. If you want to change £170 (say) then you will get 170 lots of euros 170 x = € To avoid having to keep coins in foreign currency, some places would ask customers to get exactly €200 and pay a bit less in pounds.

Produced by MEI on behalf of OCR © OCR 2013 Changing to pounds £1 = €1.196 This means that each pound is worth euros. You don’t know how much one euro is worth in pounds so it is a bit less straightforward to work out how to change euros to pounds than for pounds to euros

Produced by MEI on behalf of OCR © OCR 2013 Scaling to change € to £ Euros Pounds11000 It is difficult to work with an amount in euros which is not a whole number. Multiplying by 1000 will give a whole number. Suppose you want to change €130 to pounds  1000

Produced by MEI on behalf of OCR © OCR 2013 Scaling to change € to £ Euros Pounds It would be useful to know what 1 euro is worth  1196

Produced by MEI on behalf of OCR © OCR 2013 Scaling to change € to £ Euros Pounds Now you are ready to get the final answer, rounding to the nearest penny  130

Produced by MEI on behalf of OCR © OCR 2013 Finding what €1 is worth You can use the idea of multipliers to find out what €1 is worth in pounds. £ = €1 £1 = €1.196  You know what euros are worth so dividing by will give what 1 euro is worth in pounds.

Produced by MEI on behalf of OCR © OCR 2013 Finding what €1 is worth You want to know what €130 is worth. £ = €130 £0.836… = €1  130 €130 is worth £ to the nearest penny.

Produced by MEI on behalf of OCR © OCR 2013 Using division to change € to £ £1 = € What is €130 worth in pounds? Imagine putting €1.196 into a purse; the contents are worth £1. Repeat until all the money is in purses. The number of purses is 130  = … €130 is £ to the nearest penny.