Question

Merl is a Canadian exchange student in China, and he currently has 12,000 yuan in his bank account. If the exchange rate changes from 1 Canadian dollar = 6.64 Chinese yuan to 1 Canadian dollar = 6.78 Chinese yuan, what happens to the value in Canadian dollars of the money in Merl's bank account?

Answer 1

APEX APEX APEX APEX APEX APEX APEX APEX APEX APEX

It decreases by $37.32

Answer 2

The value has decreased because the amount he gets in Canadian dollars has decreased for the exact same amount he has in yuan.
I.e. Before: 12000/6.64 = 1807.23 Canadian dollars
Present: 12000/6.78 = 1769.91 Canadian dollars