Math Problem Statement
Yoshi changed A$2000 to Japanese Yen (¥) to use as spending money for his short holiday in Japan.
During the holiday, of this spending money, Yoshi spent ¥131 700.
Upon his return to Australia Yoshi changed the remaining Yen (rounded down to a multiple of
1000 Yen) back to Australian dollars.
Using an exchange rate of A$1 equaling ¥96.16 for both transactions, how much Australian money
did Yoshi get back (rounded down to a multiple of 5 cents)?the answer is A$623.95
Solution
Let's break this problem down step by step:
Step 1: Convert A$2000 to Japanese Yen (¥)
The exchange rate is given as A$1 = ¥96.16. So, to convert A$2000 to Japanese Yen:
Step 2: Calculate how much Yoshi spent
Yoshi spent ¥131,700 during his holiday.
Step 3: Calculate the remaining Yen
The remaining Yen is:
Step 4: Round down the remaining Yen to a multiple of 1000
The remaining Yen (¥60,620) is rounded down to the nearest multiple of 1000, which is ¥60,000.
Step 5: Convert the remaining Yen back to Australian dollars
To convert the remaining ¥60,000 back to Australian dollars using the exchange rate of A$1 = ¥96.16:
Step 6: Round the result to the nearest multiple of 5 cents
Rounding A$624.56 down to the nearest multiple of 5 cents gives:
\text{Rounded amount} = A$623.95
Thus, Yoshi got back A$623.95.
Summary of Key Steps:
- Convert initial A$2000 to ¥.
- Subtract the spent Yen to find remaining Yen.
- Round down the remaining Yen to the nearest 1000 Yen.
- Convert the remaining Yen back to Australian dollars.
- Round the result to the nearest 5 cents.
If you'd like more details or have any questions, feel free to ask! Here are a few related questions for further exploration:
- How do exchange rates affect international travel spending?
- Why do currency exchange rates fluctuate between transactions?
- How do you calculate the value of a currency exchange when the rate changes over time?
- How is rounding down used in financial transactions?
- Can you explain how exchange rate commissions or fees might affect the actual amount received?
Tip: Always be mindful of rounding conventions in financial transactions to ensure accuracy when dealing with real money!
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Math Problem Analysis
Mathematical Concepts
Currency Conversion
Rounding
Arithmetic Operations
Formulas
Amount in Yen = A$ × Exchange rate
Amount in AUD = Remaining Yen / Exchange rate
Theorems
Rounding down to the nearest multiple of a number
Suitable Grade Level
Grades 9-10
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