Asked by Anthony Tortora on Jun 14, 2024
Verified
If you are traveling in China and you purchase a meal that costs 140 yuan and the current exchange rate is 7 yuan to the dollar, then the price of the meal in U.S. currency is
A) $200.
B) $20.
C) $10.
D) $2.
Exchange Rate
The value of one currency for the purpose of conversion to another.
Yuan
The basic unit of currency in China, also referred to as Renminbi (RMB).
U.S. Currency
The system of money in general use in the United States, primarily represented by the Federal Reserve Notes (dollar bills) and coins.
- Understand how to calculate the price of goods in different currencies based on exchange rates.
Verified Answer
DR
Demetris RobertsonJun 17, 2024
Final Answer :
B
Explanation :
To convert the cost from yuan to dollars, divide the cost in yuan by the exchange rate: 140 yuan / 7 yuan per dollar = 20 dollars.
Learning Objectives
- Understand how to calculate the price of goods in different currencies based on exchange rates.