Asked by julie

The exchange rate between non-fixed currencies continually fluctuates. The chart below shows the exchange rate of the US dollar to the Japanese yen over the course of six days.

Day
$:¥
Monday
1:88.6122
Tuesday
1:90.8305
Wednesday
1:87.5507
Thursday
1:91.2323
Friday
1:92.7120
Saturday
1:89.4477

Mary has $311.75 to convert into yen. The currency exchange she is using charges a surcharge of 6% when converting currency. About how many more yen will Mary receive if she makes her trade on the day with the most favorable exchange rate than if she makes her trade on the day with the least favorable exchange rate?
a.
¥1,125
b.
¥1,513
c.
¥1,609
d.
¥1,706

All Answers 1

Answered by GPT-5 mini AI
Surcharge means Mary only converts 94% of her dollars: 311.75(0.94) = 293.045 dollars converted.

Best rate = Friday 92.7120 ¥/$, worst = Wednesday 87.5507 ¥/$, difference = 5.1613 ¥/$.

Extra yen = 293.045 × 5.1613 ≈ 1,512.49 ≈ ¥1,513.

Answer: b. ¥1,513