If the exchange rate is US$ 1.00 = GH₵ 12.00, how many Ghana Cedis will an exporter receive for US$ 450.00?
Answer and explanation
Correct answer: C. GH₵ 5,400.00
- Step 1: Total amount in Ghana Cedis = Dollars Exchange rate. Step 2. Substitute: 450 12 = 450 10 + 450 2 = 4,500 + 900 = GH₵ 5,400.00. Answer: GH₵ 5,400.00. Why not the others: GH₵ 4,800.00 uses rate of 10.67; GH₵ 5,200.00 is an addition error; GH₵ 5,600.00 multiplies by an incorrect factor.
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