In this question give all answers correct to the nearest whole number.

Loic travelled from China to Brazil. At the airport he exchanged 3100 Chinese Yuan, ${\text{CNY}}$, to Brazilian Real, ${\text{BRL}}$, at an exchange rate of ${\text{1}}\,{\text{ CNY  =  0}}{\text{.3871 BRL}}$.

No commission was charged.

Calculate the amount of ${\text{BRL}}$ he received.

When he returned to China, Loic changed his remaining ${\text{BRL}}$ at a bank. The exchange rate at the bank was ${\text{1}}\,{\text{ CNY  =  0}}{\text{.3756 BRL}}$  and a commission of $5\%$ was charged. He received $285\,\,{\text{CNY}}$.

i)    Calculate the amount of ${\text{CNY}}$ Loic would have received if no commission was charged.

ii)   Calculate the amount of ${\text{BRL}}$ Loic exchanged when he returned to China.

$3100\, \times \,0.3871$       (M1)

$= 1200$       (A1)    (C2)

Note: Award (M1) for multiplication by $0.3871$. Answer must be an integer for the (A1) to be awarded.

i)    $\frac{{285}}{{0.95}}$       (M1)

$= 300$       (A1)

Note: Award (M1) for division by $0.95$. Answer must be an integer for the (A1) to be awarded.

ii)    ${\text{their }}300 \times 0.3756$        (M1)

$= 113$       (A1)(ft)  (C4)

Note: Award (M1) for multiplying their answer to part (b)(i) by $0.3756$. Follow through from part (b)(i). Answer must be an integer.

Question 9: Currency exchange
In this question, incorrect rounding was once again the cause of many lost marks. It was surprising how many candidates have little idea about currency exchange and even less about the notion of commission. This part of the course is tested every year.

In this question, incorrect rounding was once again the cause of many lost marks. It was surprising how many candidates have little idea about currency exchange and even less about the notion of commission. This part of the course is tested every year.