Calculate the number of \({\text{USD}}\) Jane receives.

Jane spends \(1350{\text{ USD}}\) and then decides to convert the remainder back to \({\text{EUR}}\) at a rate of \(1{\text{ EUR}}\) to \(1.38{\text{ USD}}\).

Calculate the amount of \({\text{EUR}}\) Jane receives.

If Jane had waited until she returned to Amsterdam she could have changed her \({\text{USD}}\) at a rate of \(1{\text{ EUR}}\) to \(1.36{\text{ USD}}\) but the bank would have charged \(0.8\% \) commission.

Calculate the amount of \({\text{EUR}}\) Jane gained or lost by changing her money in Chicago.

Financial penalty (FP) may apply in this question.

\(1500 \times 1.33\)

(FP)     \( = 1995.00\) (accept \(1995\))     (A1)     (C1)

[1 mark]

Financial penalty (FP) may apply in this question.

\({\text{USD left}} = 1995 - 1350 = 645\)     (A1)

\( = \frac{{645}}{{1.38}}{\text{ Euros}}\)     (A1)(ft)

(FP)     \( = 467.39{\text{ Euros}}\)     (A1)(ft)     (C3)

[3 marks]

Financial penalty (FP) may apply in this question.

\(\frac{{645}}{{1.36}} \times 0.992 = 470.47\)     (A1)(ft)

(FP)     She lost \(3.08{\text{ Euros}}\)     (A1)(ft)     (C2)

Notes: The word ‘lost’ is not required.
If candidate has divided in (a) and multiplied in (b) and (c) consistently award (A0)(A1)(ft)(A1)(ft) for answers of \( - 222.18\) for \({\text{USD}}\) left and \(306.61{\text{ Euros}}\) in (b) and (A1)(ft)(A1)(ft) for \(299.75\) and \(6.86\) in (c).

[2 marks]

This question was well answered by a number of the candidates although a significant number lost a mark due to a financial penalty through not giving an answer correct to 2 decimal places. A very common mistake was to use \(8\% \) (\(0.08\)) for \(0.8\% \) (\(0.008\)) as the multiplier in part (c).

This question was well answered by a number of the candidates although a significant number lost a mark due to a financial penalty through not giving an answer correct to 2 decimal places. A very common mistake was to use \(8\% \) (\(0.08\)) for \(0.8\% \) (\(0.008\)) as the multiplier in part (c).

This question was well answered by a number of the candidates although a significant number lost a mark due to a financial penalty through not giving an answer correct to 2 decimal places. A very common mistake was to use \(8\% \) (\(0.08\)) for \(0.8\% \) (\(0.008\)) as the multiplier in part (c).