Dustin found US$100 in her attic and sold it to a bank that charged her a commission of 0.85%. How much did she receive from the bank? Assume that the exchange rate was

C$1 = US$0.72.

$0.00

Round to the nearest cent

To determine how much Dustin received from the bank, follow these steps:

1. **Determine the exchange rate**:
   \[
   1 \, \text{C$} = 0.72 \, \text{US$}
   \]
   This means:
   \[
   1 \, \text{US$} = \frac{1}{0.72} \, \text{C$} \approx 1.3889 \, \text{C$}
   \]

2. **Calculate the amount in Canadian dollars before commission**:
   \[
   100 \, \text{US$} = 100 \times 1.3889 \, \text{C$} \approx 138.89 \, \text{C$}
   \]

3. **Calculate the commission charged by the bank**:
   \[
   \text{Commission rate} = 0.85\%
   \]
   \[
   \text{Commission amount} = 138.89 \, \text{C$} \times \frac{0.85}{100} \approx 1.18 \, \text{C$}
   \]

4. **Calculate the amount received after deducting the commission**:
   \[
   \text{Amount received} = 138.89 \, \text{C$} - 1.18 \, \text{C$} = 137.71 \, \text{C$}
   \]

So, Dustin received approximately **137.71 C$** from the bank.

Would you like more details or have any questions about this calculation?

Here are 5 more questions you might want to ask:
1. How is the commission rate applied when exchanging currencies?
2. What is the difference between buying and selling rates in currency exchange?
3. Can you explain how to convert currencies without a calculator?
4. How do fluctuations in exchange rates impact the value received during currency exchange?
5. What are the common methods banks use to determine exchange rates?

**Tip**: When exchanging currencies, always ask for the exact amount you'll receive after all fees and commissions are applied to avoid any surprises.

Learn how to calculate currency exchange from US$100 to C$ with a 0.85% commission. Understand the exchange rate conversion and commission calculation process step-by-step.

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