Question

A BANK EXCHANGES BRITISH CURRENCY FOR SINGAPORE CURRENCY AT THE RATE OF $3.20 TO £1. CALCULATE IN £ THE AMOUNT EXCHANGED FOR $1,600BY A CUSTOMER WHO ALSO HAD TO PAY AN EXTRA 3 % COMMISSION FOR THIS TRANSACTION?

Answer 1

Answer: £485

Step-by-step explanation: Given that the rate is $3.20 to £1.

Exchange of $1,600 will be

1600/3.20 = £500

With commission on 3%

3/100 × 500 = 15

Take away £15 from £500

500 - 15 = 485