Question

Nancy goes to the Post Office to exchange money.

Exchange Rates
£1:$1.31
£1 : €1.14
*Commission Charged
$ £ €
Nancy changes $759.80 and €342 into pounds sterling.
The Post Office deducts their commission and gives Nancy £827.20
What is the percentage commission?​

Answer 1

6% commission

Explanation:

Exchange Rates

£1:$1.31

£1 : €1.14

$759.80 to pounds sterling :

£1 = $1.31

x = $759.80

Cross multiply :

x = 759.80 / 1.31

x = £580

£1 = €1.14

x = €342

Cross multiply :

x = 342 /1.14

x = £300

Total = £(580 + 300) = £880

Amount deducted = commision = £880 - £827.20 = £52.80

Percentage commission :

(52.80 / 880) * 100%

0.06 * 100%

= 6% commission