Sia
Question
Statistics
Posted 6 months ago
The exchange rates for 3 currencies are given in the table below.
\begin{tabular}{llll}
\begin{tabular}{l}
Currency \\
being \\
exchanged
\end{tabular} & \begin{tabular}{l}
Cost of currency \\
being exchanged in \\
Thai baht (THB)
\end{tabular} & \begin{tabular}{l}
Cost of currency being \\
exchanged in Danish \\
krone (DKK)
\end{tabular} & \begin{tabular}{l}
Cost of currency \\
being exchanged in \\
Ghana cedi (GHS)
\end{tabular} \\
\hline \begin{tabular}{l}
Thai baht \\
(THB)
\end{tabular} & 1 & 0.2 & 0.125 \\
\begin{tabular}{l}
Danish krone \\
(DKK)
\end{tabular} & 5 & & 0.625 \\
\begin{tabular}{l}
Ghana cedi \\
(GHS)
\end{tabular} & 8 & 1 & \\
\hline
\end{tabular}
Which of the following is a correct exchange rate for the krone?
Choose 1 answer:
(A) 0.2 krone per baht
(B) 5
(C) 5 baht per krone
(D) 1.6 cedis per krone
(E) 5 krone per baht
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Answer from Sia
Posted 6 months ago
Solution by Steps
step 1
Identify the exchange rate for the Danish krone in terms of the Ghana cedi from the table
step 2
The table shows that the cost of 1 Danish krone is 0.625 Ghana cedi
step 3
To find the exchange rate for the krone in terms of cedis, we need to express how many cedis one krone is equivalent to
step 4
The exchange rate is the reciprocal of the cost of 1 krone in cedis, which is cedis per krone
step 5
Calculate the reciprocal of 0.625 to find the exchange rate: cedis per krone
Answer
The correct exchange rate for the krone in terms of cedis is 1.6 cedis per krone.
D
Key Concept
Exchange Rate Calculation
Explanation
The exchange rate is calculated as the reciprocal of the cost of one unit of currency in terms of another currency.
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