A traveler exchanges $500 US Dollars for Nigerian Naira at an official exchange rate of ₦1,450 per dollar. How much Naira does he receive?
Answer and explanation
Correct answer: D. ₦725,000
- Step 1: Multiply dollar amount by conversion rate: 500 × ₦1,450. Step 2. Compute: 500 × 1,450 = ₦725,000. Answer: ₦725,000. Why not the others: ₦750,000 uses rate ₦1,500/$; ₦700,000 uses rate ₦1,400/$; ₦680,000 is an arithmetic error.
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