The Ruiz family is exchanging euros for US dollars., №13763562, 01.02.2023 08:10

Mathematics

The Ruiz family is exchanging euros for US dollars. The exchange rate is 1 euro equals 1.35261 USD. Since the Ruiz family knows that USD are stated to the nearest hundredth of a dollar, they used the conversion ratio. Will this give the Ruiz family the correct exchange?

Step-by-step answer

P Answered by Specialist

25

It will depend on how many euros they intend to convert. If they were only converting one euro they would get $1.35 whichever rate they used, but imagine it was a thousand euros - at the correct rate they would get $1352.61, at the proposed rate they would only get $1350.

Step-by-step explanation:

No, by rounding the conversion ratio, the Ruiz family will not be getting the most accurate answer. Using the more accurate conversion ratio will give an answer with more than 2 decimal places so the answer can accurately be rounded after the conversion.

Mathematics

The ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since the ruiz family knows that usd are stated to the nearest hundredth of a dollar, they used the conversion ratio. determine if this will give the ruiz family the correct exchange.

Step-by-step answer

P Answered by PhD

1

No, by rounding the conversion ratio, the Ruiz family will not be getting the most accurate answer. Using the more accurate conversion ratio will give an answer with more than 2 decimal places so the answer can accurately be rounded after the conversion.

Step-by-step explanation:

Mathematics

The Ruiz family is exchanging euros for US dollars. The exchange rate is 1 euro equals 1.35261 USD. Since the Ruiz family knows that USD are stated to the nearest hundredth of a dollar, they used the conversion ratio. Will this give the Ruiz family the correct exchange?

Step-by-step answer

P Answered by Specialist

25

It will depend on how many euros they intend to convert. If they were only converting one euro they would get $1.35 whichever rate they used, but imagine it was a thousand euros - at the correct rate they would get $1352.61, at the proposed rate they would only get $1350.

Step-by-step explanation:

No, by rounding the conversion ratio, the Ruiz family will not be getting the most accurate answer. Using the more accurate conversion ratio will give an answer with more than 2 decimal places so the answer can accurately be rounded after the conversion.

Mathematics

The ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since the ruiz family knows that usd are stated to the nearest hundredth of a dollar, they used the conversion ratio. will this give the ruiz family the correct exchange? explain.

Step-by-step answer

P Answered by PhD

50

It will depend on how many euros they intend to convert. If they were only converting one euro they would get $1.35 whichever rate they used, but imagine it was a thousand euros .At the correct rate they would get $1352.61, at the proposed rate they would only get $1350.

Mathematics

The ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since the ruiz family knows that usd are stated to the nearest hundredth of a dollar, they used the conversion ratio. will this give the ruiz family the correct exchange? explain.

Step-by-step answer

P Answered by PhD

91

So, the question is, whether using the ratio of 1.35261 will give the same results as using the ration of 1.35 if the final answer has to be rounded to the hundreth places anyway.

let's try for 10 euros:

10*1.35=13.5 dollars
10*1.35261=13.5261, rounded to 100th: 13.5 the same!!!

Let's try for 250 dollars:

250*1.35=337.5 dollars
250*1.35261=338.1525, rounded to 100th: 338.12

so, if they use the exact exchange rate, they get more dollars!

In fact the more they exchange, the bigger the difference will be ,as for each dollar exchanged the difference is 0.00261.

So they better use the exact exchange rate!

Mathematics

The ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since the ruiz family knows that usd are stated to the nearest hundredth of a dollar, they used the conversion ratio. will this give the ruiz family the correct exchange? explain.

Step-by-step answer

P Answered by Specialist

12

No, it should not give exactly the right amount because numbers will have to be rounded because US dollars only go to the hundredths place making the final number slightly different than the exact value would be.

Mathematics

Explaining how to convert currency the ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since the ruiz family knows that usd are stated to the nearest hundredth of a dollar, they used the conversion ratio. will this give the ruiz family the correct exchange? explain.

Step-by-step answer

P Answered by Master

8

1.35261 X 1.00= $ 1.35

Mathematics

The ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since the ruiz family knows that usd are stated to the nearest hundredth of a dollar, they used the conversion ratio. determine if this will give the ruiz family the correct exchange.

Step-by-step answer

P Answered by PhD

1

No, by rounding the conversion ratio, the Ruiz family will not be getting the most accurate answer. Using the more accurate conversion ratio will give an answer with more than 2 decimal places so the answer can accurately be rounded after the conversion.

Step-by-step explanation:

Mathematics

The ruiz family is exchanging euros for us dollars the exchange rate is 1 euro equals 1,35261 usd since the ruiz family knows that usd are stated to the nearest hundredth of a dollar they used the conversation ratio

Step-by-step answer

P Answered by PhD

3

You have to multiply the number of dollars times the conversion ratio is used in this way.

If you use the nearest hundredth approximation of the conversion ratio you have to use 1.35 instead the real exchange ratio of 1.35261

So, if they change Eu 1 will receive $ 1.35 instead of $ 1.35261.

If they change Eu 10 will receive 10 × 1.35 = $ 13.5, instead of $13.5261

If they change Eu 100 will receive 100 × 1.35 = $ 135, instead of $135.5261

If they change Eu 1,000 will receive 1000 × 1.35 = $ 1350, instead of $ 1352.61

So, you see the lose is $ 2.61 per every 1000 Euros they change.

Mathematics

The ruiz family is exchanging euros for us dollars the exchange rate is 1 euro equals 1,35261 usd since the ruiz family knows that usd are stated to the nearest hundredth of a dollar they used the conversation ratio

Step-by-step answer

P Answered by PhD

3

You have to multiply the number of dollars times the conversion ratio is used in this way.

If you use the nearest hundredth approximation of the conversion ratio you have to use 1.35 instead the real exchange ratio of 1.35261

So, if they change Eu 1 will receive $ 1.35 instead of $ 1.35261.

If they change Eu 10 will receive 10 × 1.35 = $ 13.5, instead of $13.5261

If they change Eu 100 will receive 100 × 1.35 = $ 135, instead of $135.5261

If they change Eu 1,000 will receive 1000 × 1.35 = $ 1350, instead of $ 1352.61

So, you see the lose is $ 2.61 per every 1000 Euros they change.

The Ruiz family is exchanging euros for US dollars. The exchange rate is 1 euro equals 1.35261 USD. Since the Ruiz family knows that USD are stated to the nearest hundredth of a dollar, they used the conversion ratio 1.35 USD Will this give the Ruiz family the correct 1 euro unit exchange? Explain.

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