A bank gives ${ }^4 20,000.00$ in exchange for $2.56. How much in cedis would be given in exchange for $10.50?
Answer (2)
To determine how many cedis would be given for $10.50, we first calculate the exchange rate as 7812.5 cedis per dollar based on the given information. Multiplying this rate by $10.50 results in an amount of 82031.25 cedis. Therefore, 82031.25 cedis would be given in exchange for $10.50.
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82031.25
Explanation
Understanding the Problem We are given that a bank gives 20,000 cedis for $2.56. We want to find out how many cedis the bank would give for $10.50.
Finding the Exchange Rate First, we need to find the exchange rate between cedis and dollars. We can find the number of cedis per dollar by dividing the amount in cedis by the amount in dollars: $2.56 20000 cedis = 7812.5 cedis per dollar .
Calculating Cedis for 10.50 N o wt ha tw e kn o wt h ee x c han g er a t e , w ec an f in d t h e am o u n t in ce d i s f or $10.50 b y m u lt i pl y in g t h ee x c han g er a t e b y $10.50 : 7812.5 dollar cedis × $10.50 = 82031.25 cedis $.
Final Answer Therefore, the bank would give 82031.25 cedis in exchange for $10.50.
Examples
Imagine you are traveling to a foreign country and need to exchange your dollars for the local currency. Knowing the exchange rate helps you determine how much local currency you will receive for a certain amount of dollars. This is similar to the problem we solved, where we found out how many cedis you would get for $10.50 based on a given exchange rate. Understanding exchange rates is crucial for international travel, trade, and investment, allowing you to make informed financial decisions when dealing with different currencies.
