Buying apples

Imagine a store sells apples for $0.55 each.

How much will it cost me to buy 53 apples?53 x 0.55 = $29.15

If I have $300, how many apples can I buy?300 ÷ 0.55 = 545

Selling apples

Imagine a store buys apples for $0.45 each

If I sell the store 500 apples how much will they pay me?

500 x 0.45 = $225If I need $2500 how many apples must I sell?2500 ÷ 0.45 = 5556

Buying and Selling Foreign Currency

The bank’s selling rate for Euros is 1.644814 This mean that they are selling Euros for 1.644814 each.

How much will it cost me to buy €500?500 x 1.644814 = 822.41If I want to convert $200 into Euros, how many

will I get?200 ÷ 1.644814 = 121.59

Buying and Selling Foreign Currency

The bank’s buying rate for Euros is 1.580814 This mean that they are buying Euros for 1.580814 each.

How much will I get if I sell €500?500 x 1.580814 = 790.41If I want to get $500 how many Euros must I

sell?500 ÷ 1.580814 = 316.29

Practice

China uses yuan as their currency, the bank buying rate for yuan is 0.127100, the bank selling rate for yuan is 0.162600.

If I am planning a trip to China and want to convert $1500 to yuan, how many yuan will I get?

The bank is SELLING me yuan so I pay the selling rate.

1500 ÷ 0.162600 = 9225.09 yuan

Practice

China uses yuan as their currency, the bank buying rate for yuan is 0.127100, the bank selling rate for yuan is 0.162600.

I return from my trip to China and still have ¥350 left. If I sell them to the bank, how many Canadian Dollars will I get?

The bank is BUYING yuan from me, so I get the buying rate.

350 x 0.127100 = $44.49

Practice

I am buying a new tie from a store in England. England uses the pound as their currency. The bank buying rate for pounds is 1.996146 and the selling rate is 2.060146.

If the tie costs £15.42, how much in Canadian dollars will it cost me?

The bank is SELLING me £15.42, so I pay the bank selling rate

15.42 x 2.060146 = $31.77

Textbook Practice

Use chart on page 45 for buying and selling rates

Questions 1-7Pg 47-48