Converting to a foreign currency

When you go abroad you need to change your money to the currency of the country you visit.

A table of exchange rates is shown below.

CountryExchange rate for pound sterling
Australia2.82 Australian dollars
European countries with euro1.58 euros
Switzerland2.32 Swiss francs
South Africa16.34 rand
Turkey4.14 New Turkish lira
USA1.55 US dollars

To change British money to foreign money - multiply by the exchange rate.

\[Foreign\; currency = British\; currency \times exchange\; rate\]

Example

Anne is going to Spain on holiday and changes \(\pounds200\) to euros. How many euros does she get?

Bitesize currency app on a tablet converting 200 British pounds to 316 Euros

Answer

One pound is \(\euro1.58\)

Amount of euros\( = 200 \times 1.58 = 316\)

Anne gets \(\euro316\)

Use the table of exchange rate above to answer the following question.

Question

Tim is going to Florida for his holidays.

He saves \(\pounds150\) of his pocket money.

How many dollars will he get?

One pound is \(1.55\) dollars

Amount of dollars \(= 150 \times 1.55 = 232.5\)

Tim gets \(232.50\) dollars.