Chapter 15, Problem 8BTN

To determine

Introduction:

Foreign Exchange on Tours and Travels

• While planning a trip to other countries, foreign currency of the country or countries that the person intends to visit is required in order to affect purchases in these countries.

• With the advancement of technology and increase in tourism, there is ease in the procurement of foreign currency and appropriate currency exchange rates.

• Exchange rates are the rate at which two or more currencies can be interchanged. There are standard exchange rates for currency pairs. For instance: If the currency exchange rate between Euros and Dollar is 1 € = 1.17 $ it means to purchase 1 €, $ 1.17 would be needed.

To Determine:

Locations where one can find exchange rates for the dollar relative to other currencies.