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).