Question

QUESTION 15

1. Bob W. won a prize of $7,600 and decided to go on vacation abroad. He spent SGD5,200 in Singapore and JPY310,000 in Japan. The exchange rates were SGD1 = $0.72 and $1 = JPY107.04. When he returned to the US, he converted the remaining money into Guatemalan Quetzal (GTQ) at the exchange rate $1 = GTQ7.70 and donated the money to a Guatemalan non-profit organization. How much, in GTQ, did Bob W. donate to the non-profit organization?

   	a	GTQ6,620.06
   	b	GTQ6,876.49
   	c	GTQ7,057.31
   	d	GTQ7,240.82
   	e	GTQ7,391.13

Answer 1

Sol:

Lottery price = $7,600

Spent SGD 5,200 in Singapore

Exchange rate -  SGD1 = $0.72

Amount spent in Dollars = SGD 5,200 x $0.72 = $3,744

Spent JPY 310,000 in Japan

Exchange rates -  $1 = JPY 107.04

Amount spent in Dollars = JPY 310,000 /  JPY 107.04 = $2,896.114

Total amount spent in Dollars = $3,744 + $2,896.114 = $6640.114

Remaining amount in Dollar = $7,600 - $6640.114 = $959.886

Guatemalan Quetzal (GTQ) exchange rate - $1 = GTQ 7.70

Amount donated in GTQ to the non-profit organization will be = $959.886 x 7.70 = GTQ 7,391.13

Therefore amount donated by Bob W. to the non-profit organization will be GTQ 7,391.13

Answer is e. GTQ 7,391.13