Question

Varia is studying abroad in Europe. She is required pay 3,500 (in US dollars) per year to the university, however, she must pay in euros. How many euros can varia expect to pay per month to the university?

Answer 1

3,091.75/12= 257.6458EUR

varia expect to pay 257.6458EUR per month to the university?

Answer 2

Varia can expect to pay 268.3 euros per month.

Explanation:

In order to answer the question, you have to convert 3,500 US dollars to euros and then divide the amount in euros by 12, because there are 12 months in one year.

To convert 3,500 US dollars to euros you have to multiply 3,500 by a conversion factor (which is the exchange rate)

The conversion factor is:

1 US dollar = 0.92 euro

Multiplying 3,500 US dollars by 0.92 to obtain the price per year in euros:

(3,500)(0.92) = 3220 euros

The price per month is:

3220/12 = 268.3 euros

Notice that the conversion factor used is not always the same, it depends of the exchange rate of the day.