Question

In July 1986, a Canadian tourist changed CAN $2500 of her Canadian Travellers’ cheques for Trinidad and Tobago currency. She was given the following information;
Canadian $1.00 =Trinidad and Tobago $2.73
12 cents on the dollar is charged for
Tax on all foreign transactions
Calculate Trinidad and Tobago currency,
i) the value of CAN $2500
ii) the amount of money the Canadian tourist received from the bank after paying taxes​

Answer 1

The answer is $5,000.73.
Explanation: If one Canadian dollar bill is $1.00 and a Trinidad’s $1.00 is $2.73 then that means if you wanna convert it you have to double the amount including the €73 and you have 2,500 you need to double the amount then add the remaining €73.