Question

CCT: EXCHANGE RATE Mei-Ling from Singapore was preparing to go to South Africa for 3 months as a student exchange. She needed to change some Singapore dollars (SGD) into South African rand (ZAR). QUESTION-1 Mei-Ling found out that the exchange rate between Singapore dollars and South African rand was: 1 SGD = 10.66 ZAR Mei-Ling changed 3000 Singapore dollars into South African rand at this exchange rate. How much money in South African rand did Mei-Ling get? Answer: -
QUESTION 2 On returning to Singapore after 3 months, Mei-Ling had 3 900 ZAR left. She changed this back to Singapore dollars, noting that the exchange rate had changed to: 1 SGD = 10.25 ZAR How much money in Singapore dollars did Mei-Ling get? Answer:
QUESTION 3 During these 3 months the exchange rate had changed from 10.66 to 10.25 ZAR per SGD. Was it in Mei-Ling’s favour that the exchange rate now was 10.25 ZAR instead of 10.66 ZAR, when she changed her South African rand back to Singapore dollars? Give an explanation to support your answer.​

Answer 1

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Answer 2

Given :  Mei-Ling found out that the exchange rate between Singapore dollars and South African rand was: 1 SGD = 10.66 ZAR  

Mei-Ling changed 3000 Singapore dollars into South African rand at this exchange rate

On returning to Singapore after 3 months, Mei-Ling had 3 900 ZAR left. She changed this back to Singapore dollars, noting that the exchange rate had changed to: 1 SGD = 10.25 ZAR  

To Find : How much money in South African rand did Mei-Ling get?

How much money in Singapore dollars did Mei-Ling get?

Was it in Mei-Ling’s favour that the exchange rate now was 10.25 ZAR instead of 10.66 ZAR,

Solution:

Singapore dollars (SGD) into South African rand (ZAR).

1 SGD = 10.66 ZAR  

Mei-Ling changed 3000 Singapore dollars into South African rand at this exchange rate.

3000 SGD = 3000 * 10.66 = 31,980   ZAR  

Mei-Ling had 3 900 ZAR left.

1 SGD = 10.25 ZAR

=>  3 900 ZAR  =  3900/10.25  = 380.49 SGD

the exchange rate had changed from 10.66 to 10.25 ZAR per SGD.

it  was in favour of Mei-Ling

as for 1 SGD  she got = 10.66 ZAR

and for 10.66 ZAR she got 10.66/10.25  =  1.04SGD

1 SGD became 1.04SGD

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