Question

Ethan had planned to visit his local post office to change 400 pound into euros exchange rate was £1 to 1.25 euros however the post office was closed so went on monday the exchange rate was £1 to 1.20 euros how many fewer euros did he recieve due to the delay? What percentage loss was caused by this delay?

Answer 1

4%

Explanation:

Firstly, we are to calculate the amount of euro in dollars. The amount he is supposed to exchange to initially is; 400 * 1.25 = $500

Now he changed for 400 * 1.2 =480

The amount of dollars he received fewer will be 500-480 = $20

We now also calculate the % loss.

That would be 20/500 *100 = 4%

Answer 2

$20 and 4%

Explanation:

Firstly, we are to calculate the amount of euro in dollars. The amount he is supposed to exchange to initially is; 400 * 1.25 = $500

Now he changed for 400 * 1.2 =480

The amount of dollars he received fewer will be 500-480 = $20

We now also calculate the % loss.

That would be 20/500 *100 = 4%