Question

nevaeh is visiting the united states from canada and wants to convert 300 cad (canadian dollars) to usd (us dollars). her bank applies a 1.5% fee on all currency conversions. if the exchange rate is 1 cad = 0.77 usd, how many us dollars will she receive? 227.54 usd 300.00 usd 224.25 usd 295.5 usd

Explanation:

Step1: Calculate the amount in USD before fee

The exchange rate is 1 CAD = 0.77 USD. So for 300 CAD, the amount in USD before fee is $300\times0.77 = 231$ USD.

Step2: Calculate the fee amount

The bank applies a 1.5% fee. The fee amount is $231\times 0.015=3.465$ USD.

Step3: Calculate the final amount received

The final amount of USD received is $231 - 3.465=227.535\approx227.54$ USD.

Answer:

227.54 USD