Question

$\huge{\bold{\star{\fcolorbox{black}{lightgreen}{Question}}}}⋆$
An international bank issues its Traveler credit cards worldwide. When a customer makes a purchase using a Traveler card in a currency different from the customer’s home currency, the bank converts the purchase price at the daily foreign exchange rate and then charges a 4% fee on the converted cost.

Sara lives in the United States, but is on vacation in India. She used her Traveler card for a purchase that cost 602 rupees (Indian currency). The bank posted a charge of $9.88 to her account that included the 4% fee.

What foreign exchange rate, in Indian rupees per one U.S. dollar, did the bank use for Sara’s charge? Round your answer to the nearest whole number.

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Answer 1

$\blue{\bold{\underline{\underline{Answer:}}}}$

$\green{\tt{\therefore{Value\:of\:\ 1=63\:rupees}}}$

$\orange{\bold{\underline{\underline{Step-by-step\:explanation:}}}}$

$\green{\underline \bold{Given : }} \\ \tt: \implies Foreign \: exchange \: rate\% = 4\% \\ \\ \tt: \implies Total \: amount \: spent = 602 \: rupees \\ \\ \tt: \implies Cost \: of\: charge = \ 9.88 \\ \\ \red{\underline \bold{To \:Find : }} \\ \tt: \implies Value \: of \: \ 1 =?$

• According to given question :

$\bold{As \: we \: know \: that} \\ \tt: \implies Amount \: including \: 4\% \: charge = 602 + 4\% \: of \: 602 \\ \\ \tt: \implies Amount \: including \: 4\% \: charge =602 + \frac{4}{100} \times 602 \\ \\ \tt: \implies Amount \: including \: 4\% \: charge =602 + 24.08 \\ \\ \tt: \implies Amount \: including \: 4\% \: charge =626.08 \: rupees \\ \\ \bold{As \: we \: know \: that} \\ \tt: \implies Value\: in \: \ = \frac{Value \: in \: rupees}{Value \: of \: \ 1 } \\ \\ \tt: \implies 9.88 = \frac{626.08}{Value \: of \: \ 1} \\ \\ \tt: \implies Value \: of \: \ 1 = \frac{626.08}{9.88} \\ \\ \green{\tt: \implies Value \: of \: \ 1 =63.36 \: rupees}$

Answer 2

$\green{\bold{\underline{\underline{ANSWER :}}}}$

63 rupees.

$\blue{\bold{\underline{\underline{Step \: by \: step \: explanation :}}}}$

$9.88 represents the conversion of 602 rupees plus a 4% fee on the converted cost. To calculate the original cost of the item in dollars, x :

=> 1.04x = 9.88

=> x = 9.5

Since the original cost is $9.50, to calculate the exchange rate r, in Indian rupees per one U.S. dollar :

9.50 dollers × r rupees/1 dollar = 602 rupees

=> r = 602/9.50

≈ 63 rupees