Kwai Fan changes \({\text{S\$ }}500\) to Indian rupees.

Calculate the number of Indian rupees she will receive using this exchange rate. Give your answer correct to the nearest rupee.

On her return to Singapore, Kwai Fan has \(2500\) Indian rupees left from her trip. She wishes to exchange these rupees back to Singapore dollars. There is a \(3\% \) commission charge for this transaction and the exchange rate is \(100{\text{ INR}} = {\text{S\$}}3.672\).

Calculate the commission in Indian rupees that she is charged for this exchange.

On her return to Singapore, Kwai Fan has \(2500\) Indian rupees left from her trip. She wishes to exchange these rupees back to Singapore dollars. There is a \(3\% \) commission charge for this transaction and the exchange rate is \(100{\text{ INR}} = {\text{S\$}}3.672\).

Calculate the amount of money she receives in Singapore dollars, correct to two decimal places.

Financial penalty (FP) applies in this question.

\(500 \times \frac{{100}}{{3.684}}\)     (M1)

FP     \( = 13572\)     (A1)     (C2)

Note: (M1) for multiplication by \(\frac{{100}}{{3.684}}\)

[2 marks]

\(2500 \times 0.03\)     (M1)

\( = 75{\text{ }}(75.0{\text{, }}75.00)\)     (A1)     (C2)

If \(2500 \times 0.03 \times \frac{{3.672}}{{100}}\)

\( = 2.75\)

Award (M1)(A0)

[2 marks]

Financial penalty (FP) applies in this question.

\(2425 \times \frac{{3.672}}{{100}}\)     (M1)(ft)

FP     \( = 89.05\)     (A1)(ft)

OR

\(\frac{{3.672}}{{100}} \times 0.97 \times 2500\)     (M1)(ft)

FP     \( = 89.05\)     (A1)(ft)

OR

\(3\% {\text{ of }}91.8 = 2.754\)

\(91.8 - 2.754\)     (M1)(ft)

FP     \( = 89.05\)     (A1)(ft)     (C2)

Note: (ft) in (c) if the conversion process is reversed consistently through the question, i.e. multiplication in (a) followed by division in (c).

[2 marks]

This caused problems for many candidates. The form of the exchange rate proved difficult.

Most candidates managed to answer this correctly.

This part also proved problematic for many candidates.