Concept explainers
An exchange rate is a number that describes how much of one currency you can trade for another currency. For example, if the U.S. exchange rate for Canadian currency is 1.2, it means that you could trade one U.S. dollar for $1.20 Canadian. When travelers talk about how expensive or cheap a certain country is, it’s often a reflection of the exchange rate. The Big Mac costs mentioned earlier? The average cost in the U.S. in July 2016 was $5.06. In Russia it was just $2.15, and in Norway the cost was almost $6.
Write an equation using x and y that calculates the number of rubles (y) that you can trade x American dollars for. Which variable is the input and which is the output?
Want to see the full answer?
Check out a sample textbook solutionChapter 3 Solutions
PATHWAYS TO MATH LITERACY- ACCESS CARD
Additional Math Textbook Solutions
APPLIED STAT.IN BUS.+ECONOMICS
Elementary Statistics
Elementary & Intermediate Algebra
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
Elementary Statistics: Picturing the World (7th Edition)
- U.S. Census data shows that the median price of new home in the United States in November 2014 was $280,900. This was $10,700 more than 14 times the price in November 1964. What was the median price of a new home in November 1964?arrow_forwardUS Census data shows that the median price of new home in the U.S. in November 2014 was $280,900. This was $10,700 more than 14 times the price in November 1964. What was the median price of a new home in November 1964?arrow_forwardA car was valued at 38,000 in the year 2007. By 2013, the value had depreciated to 11,000 If the car’s valuecontinues to drop by the same percentage, what willit be worth by 2017 ?arrow_forward
- The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow (it could be positive or negative). Assume salaries and wages are after taxes. When you need to convert between weeks and months, assume that 1 month=4 weeks. Income Part-time job: $700/month College fund from grandparents: $400/month Scholarship: $5400/year The net monthly cash flow is $. (Round to the nearest dollar as needed.) Expenses Rent: $500/month Groceries: $70/week Tuition and fees: $3000 twice a year Incidentals: $140/weekarrow_forwardA TV cost OMR 140 at E.Max. How much do you pay if E. Max gives a discount of 20%.arrow_forwardIn 2000, the median home price in a certain city was about $300,000, and from 2000 to 2006, home prices in this city rose at an average rate of about 10.2% per year. If prices had continued to rise at that rate, what would the median home price have been in 2018? Compare to the actual median price of about $400,000 in 2018.arrow_forward
- On Monday, a company stock closed at a price of $30.80 per share. On Tuesday, it increased by $1.20 per share. On Wednesday, it fell by 6.25%. On Thursday, it fell by another 4%, and on Friday, it increased by 2.5%. What is the net change in the stock price from Monday to Friday?arrow_forwardin 2011 the cost of a house in New York was approximately $255,000, but by 2012 it had lost 2.92%. Luckily, housing prices have rebound since then, and by 2020 had increased by 34.5%. What was the approximate value of a house in New York in 2020? (Number entry. Round nearest dollar.)arrow_forwardAnswer e and f only pleasearrow_forward
- QUESTION 4 a) A retailer bought a rice cooker at RM89. The rice cooker was sold with a gross profit of 35% based on the selling price. Find the selling price of the rice cooker.arrow_forwardIf the player knives normally sell for $150 and the prices are now selling at 1/3 less than the normal price, how much do they cost now?arrow_forwardA company's sales in Seattle were $390,000 in 2012, while their sales in Portland were $270,000 for the same year. Complete the following statements:a. Seattle's sales were % larger than Portland's.b. Portland sales were % smaller than Seattle's.c. Portland sales were % of Seattle's.Give answers accurate to at least one decimal place.arrow_forward
- Algebra for College StudentsAlgebraISBN:9781285195780Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningElementary Geometry For College Students, 7eGeometryISBN:9781337614085Author:Alexander, Daniel C.; Koeberlein, Geralyn M.Publisher:Cengage,Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
- Elementary AlgebraAlgebraISBN:9780998625713Author:Lynn Marecek, MaryAnne Anthony-SmithPublisher:OpenStax - Rice University