Calculate the amount of Euros Isabel receives.

Isabel then changes 750 EUR into Canadian dollars (CAD) and is charged 3.12 % commission.

The exchange rate is 1 CAD = 0.7470 EUR .

Calculate the amount of Canadian dollars she receives.

1240 × 0.7681     (M1)

Note: Award (M1) for multiplying by 0.7681

= 952.44     (A1)     (C2)

[2 marks]

\(\frac{{750}}{{0.7470}} \times (1 - 0.0312)\)     (M1)(M1)(M1)

 Note: Award (M1) for dividing by 0.7470, (M1) for subtracting 0.0312 from 1, (M1) for multiplying by the (1 – 0.0312).

OR

\(\frac{{750}}{{0.7470}} (= 1004.016...)\)     (M1)

1004.016... × 0.0312 (= 31.325...)     (M1)

1004.016... − 31.325...     (M1)

 Note: Award (M1) for dividing by 0.7470, (M1) for multiplication by 0.0312, (M1) for subtraction of their 31.325 from their 1004.016.

OR

750 × 3.12 % = 23.4     (M1)

750 − 23.4 = 726.60     (M1)

\(\frac{{726.60}}{{0.7470}} \)     (M1)

 Note: Award (M1) for multiplication by 3.12 %, (M1) for subtraction of their 23.4 from 750, (M1) for division by 0.7470.

= 972.69     (A1)     (C4)

Note: If division by 0.7681 is used in part (a) then award (M1) for multiplying by 0.7470 in part (b).

[4 marks]

This question was generally well done with the majority of candidates correctly using the currency conversions (multiplying in part (a) and dividing in part (b)) and, in most cases, working out the commission correctly in part (b). On a few scripts, candidates failed to round either one or both of their answers correctly to two decimal places and, as a consequence, lost a mark.

This question was generally well done with the majority of candidates correctly using the currency conversions (multiplying in part (a) and dividing in part (b)) and, in most cases, working out the commission correctly in part (b). On a few scripts, candidates failed to round either one or both of their answers correctly to two decimal places and, as a consequence, lost a mark.