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Suppose the current exchange rate is 5.74 Ghanaian Cedis per $1 US dollar and you have 161 Cedis. After a no-fee exchange how much money in US Dollars would you have?(Round your answer to the nearest cent)

Question

Suppose the current exchange rate is 5.74 Ghanaian Cedis per $1 US dollar and you have 161 Cedis. After a no-fee exchange how much money in US Dollars would you have?(Round your answer to the nearest cent)

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Solution

To calculate how much money you would have in US dollars after exchanging 161 Ghanaian Cedis, you would need to divide the amount of Cedis you have by the current exchange rate.

Here are the steps:

  1. Identify the amount of Ghanaian Cedis you have, which is 161 Cedis.
  2. Identify the current exchange rate, which is 5.74 Ghanaian Cedis per $1 US dollar.
  3. Divide the amount of Ghanaian Cedis you have by the current exchange rate.

So, 161 Cedis ÷ 5.74 Cedis/$1 = 28.05 dollars

Therefore, after a no-fee exchange, you would have approximately 28.05.However,sinceweneedtoroundtothenearestcent,youwouldhave28.05. However, since we need to round to the nearest cent, you would have 28.05.

This problem has been solved

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