1. 2I Currency Conversions
Unit 8: Number and algebra 2I
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2. Foreign Exchange
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currencies have their own “unit of measure” called a currency code US Dollars USD $ USD Australian Dollars AUD $ AUD Euros EUR 5 € 5 EUR currencies are converted using exchange rates resource for market’s average exchange rate: xe.com create a proportion to convert between currencies 2I
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3. Examples TO
FROM 2I
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4. Examples
commissions are often necessary to pay for the service of exchanging between currencies and tend to vary from 1.5% to 3% or could be a constant amount (“flat fee”) 2I
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5. Examples
some problems require work to be shown by drawing dotted line segments (with a straight edge) on the graph 2I
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6. Buy/Sell Rates
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determined by the service that makes the exchange buy rate the service buys foreign currency from you at a rate higher than the market value sell rate the service sells foreign currency to you at a rate lower than the market value therefore, rates include the commission
1 USD = 6 EUR
1 USD = 4 EUR
market value: 1 USD = 5 EUR 2I
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7. Guided Practice
p. 65: 1, 2ab, 3-5 p. 67: 1b, 2b p. 69: 1b, 3, 4bc, 5 Read and follow all instructions. List the page and problem numbers alongside your work and answers in your notes. Use the back of the book to check your answers.
Copy 2I
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