Timothy sold US$130 to a bank when the exchange rate was C$1 = US$0.9315. The bank charged him a commission of 0.55%.

Question

How many Canadian dollars did he receive from the bank for US$130?

Answer 1

U$130 * C$!/U$0.9315 = C$139.56

the commission is C$139.56 * 0.0055 = 0.77

So, the final amount received was 139.56-.77 = 138.79