Question

Geoffery went on a trip across South America. He took 1,750 US dollars (USD) with him. In Chile, he traded his money for Chilean pesos (CLP) at a rate of USD:CLP = 1:496.5000. He spent 217,513 pesos before he went to Venezuela. In Venezuela, he traded his Chilean pesos for Venezuelan bolivars (VEF) at a rate of CLP:VEF = 1:0.1283. During his time in Venezuela, he spent 38,422.19 bolivars. At his next stop, Paraguay, he traded his Venezuelan bolivars for Paraguayan guarani (PYG) at a rate of VEF:PYG = 1:1063.9500. He spent 12,857,441.39 guarani before returning to the United States, where he traded his Paraguayan guarani for US dollars at a rate of PYG:USD = 1:0.00002186. How much money did Geoffery have remaining, in US dollars? Round all currency values to two decimal places. a. $1,353.13 b. $768.98 c. $662.60 d. $281.06 Please select the best answer from the choices provided A B C D

Answer 1

The answer is: B) $768.98

Step-by-step explanation:

Geoffery first traded his $1,750 for 868,875 CLP (1,750 x 496.50). After he spent 217,513 CLP, he had 651,362 CLP left.

In Venezuela, he traded his CLP for 83,569.74 bolivars (217,513 x 0.1283). After spending 38,422.19 bolivars, he had 45,147.55 bolivars left.

Once in Paraguay, he traded his bolivars for 48,034,740.70 Paraguayan guaranis. After he spent 12,857,441.39 guaranis, he had 35,177,299.30 guaranis left.

When he returned to the US, he changed his guaranis to $768.98 (35,177,299.30 x 0.00002186).