Buying apples Imagine a store sells apples for $0.55 each. How much will it cost me to buy 53 apples? 53 x 0.55 = $29.15 If I have $300, how many apples.

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Presentation transcript:

Buying apples Imagine a store sells apples for $0.55 each. How much will it cost me to buy 53 apples? 53 x 0.55 = $29.15 If I have $300, how many apples can I buy? 300 ÷ 0.55 = 545

Selling apples Imagine a store buys apples for $0.45 each If I sell the store 500 apples how much will they pay me? 500 x 0.45 = $225 If I need $2500 how many apples must I sell? 2500 ÷ 0.45 = 5556

Buying and Selling Foreign Currency The bank’s selling rate for Euros is This mean that they are selling Euros for each. How much will it cost me to buy €500? 500 x = If I want to convert $200 into Euros, how many will I get? 200 ÷ =

Buying and Selling Foreign Currency The bank’s buying rate for Euros is This mean that they are buying Euros for each. How much will I get if I sell €500? 500 x = If I want to get $500 how many Euros must I sell? 500 ÷ =

Practice China uses yuan as their currency, the bank buying rate for yuan is , the bank selling rate for yuan is If I am planning a trip to China and want to convert $1500 to yuan, how many yuan will I get? The bank is SELLING me yuan so I pay the selling rate ÷ = yuan

Practice China uses yuan as their currency, the bank buying rate for yuan is , the bank selling rate for yuan is I return from my trip to China and still have ¥350 left. If I sell them to the bank, how many Canadian Dollars will I get? The bank is BUYING yuan from me, so I get the buying rate. 350 x = $44.49

Practice I am buying a new tie from a store in England. England uses the pound as their currency. The bank buying rate for pounds is and the selling rate is If the tie costs £15.42, how much in Canadian dollars will it cost me? The bank is SELLING me £15.42, so I pay the bank selling rate x = $31.77

Textbook Practice Use chart on page 45 for buying and selling rates Questions 1-7 Pg 47-48