Question

The Ruiz family is exchanging euros for US dollars. The exchange rate is 1 euro equals 1.35261 USD. Since the Ruiz family knows that USD are stated to the nearest hundredth of a dollar, they used the conversion ratio. Will this give the Ruiz family the correct exchange? Explain.

Answer 1

No

Explanation:

By rounding the conversion ratio, the Ruiz family will not be getting the most accurate answer. Using the more accurate conversion ratio will give an answer with more than 2 decimal places so the answer can accurately be rounded after the conversion.

Answer 2

No, it should not give exactly the right amount because numbers will have to be rounded because US dollars only go to the hundredths place making the final number slightly different than the exact value would be.