Question

A foreign country uses the stellar as its currency. Before a trip to that​ country, Mia wants to exchange ​$1700 to steller's. Which of Bank A and Bank B has the better exchange​ rate? How many more steller's would she get if she exchanged her ​$1700 at the better exchange rate instead of at the other​ rate?

Answer 1

Answer and explanation:

Stellar is a Brazilian cryptocurrency that is used to facilitate low cost and flexible payment. It was renamed lumens and is denoted XLM.

One stellar lumen is currently equal to $0.219096

For the purpose of the question and since it does not specify exchange rates for each bank, let's assume:

Bank A= 0.219097 to 1 US dollar

Bank B= 0.219099 to 1 US dollar

Using Bank A to exchange $1700 for stellars= $1700*0.219097= 372.464 stellars

Using Bank B to exchange $1700 for stellars= $1700*0.229042= 389.3714 stellars

From the above, we can see that Bank B has a better exchange rate as it is cheaper than Bank A(gives more stellar) . She should therefore use Bank B for her exchange.