To determine if the Ruiz family's method of using the exchange rate of 1 euro equals 1.35261 USD will give them the correct exchange to the nearest hundredth of a dollar, we need to consider how currency exchange works and how rounding affects the conversion.
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Exchange Calculation: When converting euros to USD using the given exchange rate, if the Ruiz family exchanges \( x \) euros, the amount in USD they would receive can be calculated as: \[ \text{Amount in USD} = x \times 1.35261 \]
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Rounding: Since USD amounts are typically rounded to the nearest hundredth of a dollar (or cents), we must apply rounding to the result of the above calculation.
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Example Calculation: Let's say they have 10 euros to exchange. \[ \text{Amount in USD} = 10 \times 1.35261 = 13.5261 \text{ USD} \] When rounded to the nearest hundredth, this would be: \[ 13.53 \text{ USD} \]
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Accuracy of the Method: The method used by the Ruiz family will provide a reasonably accurate exchange amount because the conversion factor is precise, and rounding to the nearest hundredth ensures compliance with standard currency practices. However, it’s important to note that actual exchange services may also have their own fees or slightly different rates.
Conclusion
Yes, using the conversion rate of 1 euro equals 1.35261 USD will provide the Ruiz family with a correct exchange amount when rounded to the nearest hundredth of a dollar, presuming they handle the rounding correctly after doing the multiplication.