Question

Geoffery went on a trip across South America. He took 1,750 US dollars (USD) with him. In Chile, he traded his money for Chilean pesos (CLP) at a rate of USD:CLP = 1:496.5000. He spent 217,513 pesos before he went to Venezuela. In Venezuela, he traded his Chilean pesos for Venezuelan bolivars (VEF) at a rate of CLP:VEF = 1:0.1283. During his time in Venezuela, he spent 38,422.19 bolivars. At his next stop, Paraguay, he traded his Venezuelan bolivars for Paraguayan guarani (PYG) at a rate of VEF:PYG = 1:1063.9500. He spent 12,857,441.39 guarani before returning to the United States, where he traded his Paraguayan guarani for US dollars at a rate of PYG:USD = 1:0.00002186. How much money did Geoffery have remaining, in US dollars? Round all currency values to two decimal places.

Answer 1

Answer: $768.98

Step-by-step explanation:

The initial amount Geoffery has = $1750

In Chile, he traded his money for Chilean pesos (CLP) at a rate of

USD:CLP=1:496.5

Now, $1,750=1750\times496.5=868,875\ pesos$

He spent 217,513 pesos before he went to Venezuela.

The money he has before Venezuela = $868,875-217,513=651362$ pesos

In Venezuela, he traded his Chilean pesos for Venezuelan bolivars (VEF) at a rate of CLP:VEF = 1:0.1283

Now, 651362 pesos$651362\ pesos=651362\times0.1283=83569.7446\ bolivers$

During his time in Venezuela, he spent 38,422.19 bolivars.

The money he has before Paraguay =$83569.7446-38422.19=45147.5546\ bolivers$

In Paraguay, he traded his Venezuelan bolivars for Paraguayan guarani (PYG) at a rate of VEF:PYG = 1:1063.9500.

$45,147.5546\ bolivers=45,147.5546\times1063.95=48,034,740.7167\text{ Paraguayan guarani }$

He spent 12,857,441.39 guarani before returning to the United States.

The money he has before returning to the United States=$48034740.7167-12857441.39=35,177,299.3267\ \text{Paraguayan guarani }$

Now, the rate of PYG:USD = 1:0.00002186.

Then,

$35,177,299.3267\text{ Paraguayan guarani }=35,177,299.3267\times0.00002186=\ 768.975763282\approx\ 768.98$

Hence, the money Geoffery have remaining in US dollars = $768.98

Answer 2

Given:
$1,750
Rate = $1 = CLP 496.50
Spent : 217,513 pesos
Rate = CLP 1 = VEF 0.1283
Spent : 38,422.19 bolivars
Rate = VEF 1 = PGY1063.95 
Spent : 12,857,441.39 guarani
Rate = PYG 1 = $0.00002186

$1750 * CLP 496.50 = CLP 868,875
CLP 868,875 - 217,513 = CLP 651,362

CLP 651,362 * VEF 0.1283 = VEF 83,569.7446
VEF 83,569.7446 - 38,422.19 = VEF 45,147.5546

VEF 45,147.5546 * PYG 1063.95 = PYG 48,034,740.70
PYG 48,034,740.70 - 12,857,441.39 = PYG 35,177,299.30

PYG 35,177,299.30 * $0.00002186 = $768.976763 ⇒ $768.98