6
QuizMultiple Choice

Exchanging Currencies Money Markets — Quiz

Question 6 • Financial Math

Massimo is planning a vacation to Japan and needs to convert 400 EUR (euros) to JPY (Japanese yen). His bank charges a 2% fee for all currency conversions. If the exchange rate is 1 EUR = 130 JPY, how many Japanese yen will he receive?

Answer
A
51 comma 200 JPY
B
52 comma 000 JPY
C
50 comma 960 JPY
D
53 comma 040 JPY
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