Question

penny is planning a trip to egypt. she has mapped out the expected costs of some different components of her trip, and has compiled them below, including whether the cost is in us dollars ($) or egyptian pounds (£).

item	cost	currency
passport	65.00	$
tour guide	494.25	£
international phone card	41.38	$
hotel reservation	398.26	£
car rental	644.48	£

if the exchange rate of the us dollar to egyptian pound is 1:5.3841, how much has penny currently budgeted for her trip, in us dollars? round all currencies to two decimal places.
a. $895.25
b. $993.95
c. $1,001.63
d. $1,468.01

Explanation:

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<reasoning>

Sum the costs in US dollars

Using the Currency Conversion knowledge point
\[

$$\begin{aligned} \text{Passport} &= \$65.00 \\ \text{International phone card} &= \$41.38 \\ \text{Total in USD} &= 65.00 + 41.38 = \$106.38 \end{aligned}$$

\]

Sum the costs in Egyptian pounds

Using the Currency Conversion knowledge point
\[

$$\begin{aligned} \text{Plane ticket} &= 3,241.77\text{ EGP} \\ \text{Tour guide} &= 494.25\text{ EGP} \\ \text{Hotel reservation} &= 398.26\text{ EGP} \\ \text{Car rental} &= 644.48\text{ EGP} \\ \text{Total in EGP} &= 3241.77 + 494.25 + 398.26 + 644.48 = 4,778.76\text{ EGP} \end{aligned}$$

\]

Convert Egyptian pounds to US dollars

Using the Currency Conversion knowledge point
\[

$$\begin{aligned} \text{Exchange Rate} &= 1\text{ USD} : 5.3841\text{ EGP} \\ \text{Converted EGP to USD} &= \frac{4778.76}{5.3841} \approx \$887.5689 \approx \$887.57 \end{aligned}$$

\]

Calculate the total budget in US dollars

Using the Currency Conversion knowledge point
\[

$$\begin{aligned} \text{Total Budget} &= \text{Total in USD} + \text{Converted EGP to USD} \\ \text{Total Budget} &= 106.38 + 887.57 = \$993.95 \end{aligned}$$

\]
</reasoning>

<answer>
<mcq-option>a. $895.25</mcq-option>
<mcq-correct>b. $993.95</mcq-correct>
<mcq-option>c. $1,001.63</mcq-option>
<mcq-option>d. $1,468.01</mcq-option>
</answer>

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Answer:

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<reasoning>

Sum the costs in US dollars

Using the Currency Conversion knowledge point
\[

$$\begin{aligned} \text{Passport} &= \$65.00 \\ \text{International phone card} &= \$41.38 \\ \text{Total in USD} &= 65.00 + 41.38 = \$106.38 \end{aligned}$$

\]

Sum the costs in Egyptian pounds

Using the Currency Conversion knowledge point
\[

$$\begin{aligned} \text{Plane ticket} &= 3,241.77\text{ EGP} \\ \text{Tour guide} &= 494.25\text{ EGP} \\ \text{Hotel reservation} &= 398.26\text{ EGP} \\ \text{Car rental} &= 644.48\text{ EGP} \\ \text{Total in EGP} &= 3241.77 + 494.25 + 398.26 + 644.48 = 4,778.76\text{ EGP} \end{aligned}$$

\]

Convert Egyptian pounds to US dollars

Using the Currency Conversion knowledge point
\[

$$\begin{aligned} \text{Exchange Rate} &= 1\text{ USD} : 5.3841\text{ EGP} \\ \text{Converted EGP to USD} &= \frac{4778.76}{5.3841} \approx \$887.5689 \approx \$887.57 \end{aligned}$$

\]

Calculate the total budget in US dollars

Using the Currency Conversion knowledge point
\[

$$\begin{aligned} \text{Total Budget} &= \text{Total in USD} + \text{Converted EGP to USD} \\ \text{Total Budget} &= 106.38 + 887.57 = \$993.95 \end{aligned}$$

\]
</reasoning>

<answer>
<mcq-option>a. $895.25</mcq-option>
<mcq-correct>b. $993.95</mcq-correct>
<mcq-option>c. $1,001.63</mcq-option>
<mcq-option>d. $1,468.01</mcq-option>
</answer>

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