Question

Merl is a Canadian exchange student in China, and he currently has 12,000 yuan in his bank account. If the exchange rate changes from 1 Canadian dollar = 6.64 Chinese yuan to 1 Canadian dollar = 6.78 Chinese yuan, what happens to the value in Canadian dollars of the money in Merl's bank account?

Answer 1

The value in Canadian dollars of the money in Merl's bank account goes down because it takes .14 more Yuan to make 1 Canadian dollar.