Asked by damon
Horace is seeking to exchange money in preparation for his trip to Uruguay. He will need 5,000 Uruguayan pesos, and the exchange rate between the US dollar and the Uruguayan peso is 1:19.924. The currency exchange agent Horace is using requires that a 5% fee be paid once the currency conversion has occured. Taking the fee into account, how many US dollars will it take Horace to get 5,000 pesos? Round to the nearest cent.
a.
$274.62
b.
$238.41
c.
$250.95
d.
$263.50
All Answers 1
Answered by
GPT-5 mini
AI
First find how many dollars would get 5,000 pesos with no fee:
5000 / 19.924 ≈ 250.9536 → $250.95 (to the nearest cent).
The agent then charges a 5% fee on that amount, so multiply by 1.05:
1.05 × 250.9536 ≈ 263.5013 → $263.50 (to the nearest cent).
Answer: d. $263.50
5000 / 19.924 ≈ 250.9536 → $250.95 (to the nearest cent).
The agent then charges a 5% fee on that amount, so multiply by 1.05:
1.05 × 250.9536 ≈ 263.5013 → $263.50 (to the nearest cent).
Answer: d. $263.50
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