1. to be able to exchange one currency into another foreign currency
EXCHANGE RATES
Objective:
to be able to exchange one currency into another foreign currency

2. WHAT IS AN EXCHANGE RATE?
Rate at which one currency may be converted into another. The exchange rate is used when simply converting one currency to another

3. HOME CURRENCY x EXCHANGE RATE
COPY INTO YOUR BOOKS
CHANGING TO A FOREIGN CURRENCY
FOREIGN CURRENCY =
HOME CURRENCY x EXCHANGE RATE

4. Aussie $ and Swiss Frank Exchange rates

5. Ann is going to Australia on holiday and changes £200 to AUD
Ann is going to Australia on holiday and changes £200  to AUD. How many Auzzie dollars does she get?
STEP 1: FIND THE EXCHANGE RATE IN THE TABLE
STEP 2: INSERT AMOUNTS INTO THE FORMULA
FOREIGN CURRENCY= BRITISH CURRENCY x EXCHANGE RATE
AMOUNT OF Dollars = £200 x 1.85
AMOUNT OF Dollars = $ 370
£200 = $370

6. Exchange Rates (£1 = )
Europe
1.3 euros
Japan
yen
Australia
1.85 Dollars
India
57.23 Rupees
USA
1.52 Dollars
S.Africa
10.63 Rand
QUESTIONS
Change £450 TO USA Dollars
Change £700 to Rupees
Change £620 to Yen
Change £500 to Rand
Change £350 to Euros
Change £250 to Australian Dollars
Ann saves £15 per week for 18 weeks for spending money for her holiday. She exchanges pounds for US dollars. How many US dollars does she get?
Tim is going to Florida for his holidays. He saves £250  of his pocket money. How many dollars will he get?

7. How much does she have when she changes BACK to pounds?
CHANGING BACK TO HOME CURRENCY
HOME CURRENCY =
FOREIGN CURRENCY ÷ EXCHANGE RATE
How much does she have when she changes BACK to pounds?
÷ = £53.88

8. Task: Exchange Rate Worksheet (Text sheet 32)