Question

If \( C \$ 1=£ 0.599 \) and \( £ 1= \) US \( \$ 1.2073 \), how many Canadian dollars would you receive for US \( \$ 3,000 ? \) Round to the nearest cent

Answer 1

For US $3,000, and using the given exchange rates of C $1 = £ 0.599 and £ 1 = US $1.2073, you would receive approximately C $4,147.41 Canadian dollars after the two-step conversion process.

Step-by-step explanation:

To determine how many Canadian dollars you would receive for US $3,000, we first need to understand the exchange rates given. We know that C $1 = £ 0.599 (Canadian dollars to British pounds) and £ 1 = US $1.2073 (British pounds to US dollars). To convert US dollars to Canadian dollars, we will first convert US dollars to British pounds, and then convert British pounds to Canadian dollars.

First conversion (USD to GBP):
US $3,000 / US $1.2073 per £ 1 = £ 2,484.39 (rounded to two decimal places)

Second conversion (GBP to CAD):
£ 2,484.39 / £ 0.599 per C $1 = C $4,147.41 (rounded to two decimal places)

Therefore, for US $3,000, you would receive approximately C $4,147.41.