Question

# QUESTION 15 Bob W. won a prize of \$7,600 and decided to go on vacation abroad....

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

#### Homework Answers

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

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