Question

Before leaving to visit Mexico, Levant traded 270 American dollars and received 3,000 Mexican pesos. When he returned from Mexico, he had 100 pesos left. How much will he receive when he exchanges these pesos for dollars

Answer 1

The amount of dollars that Mr. Levant would exchange for 100 pesos on his return is $9.

What is an exchange rate?

An exchange rate is a rate that is used to convert one nation's currency to another.

The exchange rate is based on the purchasing power of each nation's currency.

Data and Calculations:

Dollars before traveling to Mexico = $270

Value of Mexican pesos received for $270 = 3,000 pesos

Exchange rate = $1 = 11.11 pesos (3,000/$270)

Amount of pesos left after the trip = 100 pesos

Value of 100 pesos in dollars = $9 (100/$11.11)

Thus, the amount of dollars that Mr. Levant would exchange for 100 pesos on his return is $9.

Learn more about exchange rates at brainly.com/question/2202418

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