A forex Bureau in Kenya buys and sells currencies as below.
Buying (Kshs.) Selling (Kshs.)
1 Euro 144.60 146.10
1 US Dollar 132.50 133.40
A businessman from America converted 20,730 Euros into Kenya shillings.
a) Calculate the amount of money in Kenya shillings that he received.
b) The businessman spent Kshs 2,410,300 while in Kenya. He then converted the remaining Kenyan Shillings into US Dollars. Calculate the amount of money, to the nearest US Dollars, that he received.
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a) To calculate the amount of money in Kenya shillings that the businessman received, we multiply the amount of Euros by the selling rate of Euros.
Amount in Kenya shillings = 20,730 Euros * 146.10 Kshs/Euro
= 3,027,783 Kshs
Therefore, the businessman received 3,027,783 Kenya shillings.
b) To calculate the amount of money in US Dollars that the businessman received, we need to subtract the amount spent in Kenya from the total amount received in Kenya shillings, and then divide the remaining amount by the buying rate of US Dollars.
Remaining amount in Kenya shillings = Amount received - Amount spent
= 3,027,783 Kshs - 2,410,300 Kshs
= 617,483 Kshs
Amount in US Dollars = 617,483 Kshs / 132.50 Kshs/USD
≈ 4,661.88 USD
Therefore, the businessman received approximately 4,661.88 US Dollars.
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