Question

if you can exchange 104.51 us dollars for 1,322.14 mexican pesos, what is the exchange rate of the us dollar to the mexican peso, to three decimal places?
a. 1:12.650
b. 1:1.427
c. 1:0.079
d. 1:0.008

Explanation:

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<reasoning>

Set up the exchange ratio

Using the Currency Exchange Rates knowledge point
\[
\text{Ratio} = \frac{\text{USD}}{\text{MXN}} = \frac{104.51}{1322.14}
\]

Calculate the unit rate

Using the Currency Conversion knowledge point
\[
\frac{104.51}{1322.14} \approx 0.079046
\]
\[
1 \text{ MXN} \approx 0.079 \text{ USD}
\]
\[
\text{Exchange Rate (USD to MXN)} = 1:0.079
\]
</reasoning>

<answer>
<mcq-option>a. 1:12.650</mcq-option>
<mcq-option>b. 1:1.427</mcq-option>
<mcq-correct>c. 1:0.079</mcq-correct>
<mcq-option>d. 1:0.008</mcq-option>
</answer>

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Answer:

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<reasoning>

Set up the exchange ratio

Using the Currency Exchange Rates knowledge point
\[
\text{Ratio} = \frac{\text{USD}}{\text{MXN}} = \frac{104.51}{1322.14}
\]

Calculate the unit rate

Using the Currency Conversion knowledge point
\[
\frac{104.51}{1322.14} \approx 0.079046
\]
\[
1 \text{ MXN} \approx 0.079 \text{ USD}
\]
\[
\text{Exchange Rate (USD to MXN)} = 1:0.079
\]
</reasoning>

<answer>
<mcq-option>a. 1:12.650</mcq-option>
<mcq-option>b. 1:1.427</mcq-option>
<mcq-correct>c. 1:0.079</mcq-correct>
<mcq-option>d. 1:0.008</mcq-option>
</answer>

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