1. Geometry, Measurement and Finance 10
 Unit 1: Unit Pricing and Currency Exchange
Specific Outcomes:
N1 - Solve problems that involve unit pricing and
currency exchange, using proportional reasoning.
A1 - Solve problems that require the manipulation and application of formulas
related to: perimeter, area, volume, capacity, the Pythagorean theorem,
primary trigonometric ratios, income. currency exchange, interest and
finance charges.  

2. Warm Up - Ratio/Rates
You are going to Paris for a vacation! The exchange rate 
for the euro is $ CAD (Canadian Funds). If your 
hotel room in Paris costs euros, how much does 
it cost in Canadian dollars?

3. Currency 1. Look for what you know. ie: 1 euro = 1.644814 CAD
2. Set up a proportion
3. Line up "like" currencies.
ie: 1 euro = CAD
95 euros ? CAD
4. Solve. Cross multiply.

4. Rates People travel to different countries on business and
for pleasure. Since countries use different
systems of currency, international trade requires a  system for exchanging money. Currency is exchanged by banks, currency exchange companies, and businesses such as travel agencies.

5. Currency is the system of money that a country uses.
Not all currencies are available at every 
exchange. So, it is best to plan ahead if you are 
in need of a currency that is rarely requested.
 The banks and other
 exchange agents charge a
 fee for this service, so it
 is best to shop around for
 the best price.

6. If you want to travel to Japan, you must 
exchange your Canadian dollars for Japanese 
yen. The exchange rate between the two 
currencies is used to calculate how
many dollars must convert to yen.
The exchange rate is the price
of one country's currency in
terms of another nation's currency.
The exchange rate fluctuates from day to day 
and from one currency to another. Exchanges 
set a selling rate and buying rate for currency 
exchange.

7. Example:

8. The exchange rate fluctuates from day to day, and from one 
currency exchange to another. Exchanges set a selling rate and a buying rate for currency exchange, and these rates are different from each other. If you plan to travel to Italy and need 
to obtain euros from your bank, you will pay the selling rate 
(the bank is selling the euros to you).
If you have euros left over when you return to Canada, you will 
receive the buying rate when you convert them back into 
Canadian dollars (the bank is buying them from you).
You pay more for the foreign currency than the banking 
institution will pay you in return.

9. The selling rate is the rate at which a currency exchange sells money to its customers.
The buying rate is the rate at which a currency exchange buys money from its customers.

10. Page 45 of your text!!!

11. Example 1: Yesterday, the selling rate for the Danish krone compared to the Canadian dollar was How many kroner will you
receive for $ CAD?
The unit of Danish currency is the krone; the plural of krone is kroner.

12. Example 1: Yesterday, the selling rate for the Danish krone compared to the Canadian dollar
was How many kroner will you
receive for $ CAD?
1 k = x
CAD
= x
= x
You will receive 2255 kroner for 500 CAD.

13. Example 2: On the same day as example 1, the buying rate for the kroner
was If, after
purchasing your kroner,
you decided not to go to
Denmark and sold the
kroner back to the bank,
how much would you lose?

14. Example 2: On the same day as example 1, the buying rate for the kroner
was If, after
purchasing your kroner,
you decided not to go to
Denmark and sold the
kroner back to the bank,
how much would you lose?
You now have 2255 kroner and the rate is 1 krone = 
$ CAD.
So, 2255 x $ = $ CAD.
You have lost $24.70 in this transaction.

15. Your Turn
Calculate the amount of money you would receive in Canadian 
dollars if you bought the following currencies to a bank.
a) pesos
Calculate the amount of money you would receive in Canadian 
dollars if you sold the following currencies to a bank.

16. *Due Monday! Assignment: Text Page 47 #1 - 7 Unit Review: