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Grade 8 Foreign Exchange Rates Quiz

Converting Rand, Dollars, Pounds and Euros

What this quiz covers

grade8_exchange_rates_quiz1 draws its questions at random from a bank of 12 questions, with full worked solutions for every one.

Worked examples

A few of the question types, with full solutions, so you know what to expect.

The exchange rates are R15,24 = \$1, R20,29 = £1, and R16,85 = EUR 1. To convert a FOREIGN currency INTO Rand, what operation do you use?

  1. Multiply the foreign amount by the rate
  2. Divide the foreign amount by the rate
  3. Add the rate to the foreign amount
  4. Subtract the rate from the foreign amount

Answer: Multiply the foreign amount by the rate

\(\text{Rand} = \text{foreign amount} \times \text{rate}\)

The exchange rates are R15,24 = \$1, R20,29 = £1, and R16,85 = EUR 1. Convert \$44,50 to Rand.

  1. R678,18
  2. R659,26
  3. R712,40
  4. R44,50

Answer: R678,18

\(R = 44{,}50 \times 15{,}24\)

The exchange rates are R15,24 = \$1, R20,29 = £1, and R16,85 = EUR 1. Convert £180 to Rand.

  1. R3 652,20
  2. R3 760,20
  3. R180,00
  4. R8,88

Answer: R3 652,20

\(R = 180 \times 20{,}29\)

The exchange rates are R15,24 = \$1, R20,29 = £1, and R16,85 = EUR 1. Convert EUR 1 000 to Rand.

  1. R16 850,00
  2. R15 240,00
  3. R1 685,00
  4. R1 000,00

Answer: R16 850,00

\(R = 1{,}000 \times 16{,}85\)

The exchange rates are R15,24 = \$1, R20,29 = £1, and R16,85 = EUR 1. To convert Rand INTO a foreign currency, what operation do you use?

  1. Divide the Rand amount by the rate
  2. Multiply the Rand amount by the rate
  3. Add the rate to the Rand amount
  4. Subtract the Rand amount from the rate

Answer: Divide the Rand amount by the rate

\(\text{foreign amount} = \dfrac{\text{Rand}}{\text{rate}}\)

*\(\text{This is the opposite operation to converting a foreign currency into Rand.}\)