tom is exchanging money for his trip to india. the exchange rate of us dollars to indian rupees is 1:45.897. tom needs 11,550 rupees. the currency exchange service he is using charges a fee of 7.25% after the exchange is made. how many us dollars will it cost tom to get the rupees he wants? round to the nearest dollar.
a. $235
b. $252
c. $263
d. $270

Question

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "tutor", "mastery_adaptive_brevity" ], "needs_drawing": false, "concepts_used": [ "Currency Conversion" ], "new_concepts": [], "current_concepts": [ "Currency Conversion", "Percentage Fee Calculation" ] } ## Convert rupees to US dollars Using the *Currency Conversion* knowledge point $$ \text{USD}_{\text{base}} = \frac{11550}{45.897} \approx 251.6504 \text{ USD} $$ ## Apply the transaction fee Using the *Currency Conversion* knowledge point $$ \begin{aligned} \text{Fee Rate} &= 7.25\% = 0.0725 \ \text{Total Cost} &= \text{USD}_{\text{base}} \times (1 + 0.0725) \ &= 251.6504 \times 1.0725 \ &\approx 269.895 \text{ USD} \end{aligned} $$ ## Round to the nearest dollar Using the *Currency Conversion* knowledge point $$ \text{Total Cost} \approx 270 \text{ USD} $$

a. $235

b. $252

c. $263

d. $270

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Currency Conversion", "Exchange Rate Calculations" ] }

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QUESTION IMAGE

Question

Explanation:

Convert rupees to US dollars

Apply the transaction fee

Round to the nearest dollar

Answer: