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Quick Questions:1. How could a person buy items with cash
if she or he went to another country?
2. How would a person get the currency
from another country?
Students will learn about exchange rates and how they work.
FAMILY VACATIONUnderstanding Exchange Rates
Exchange Rate Summary
• An exchange rate is simply the cost of one form of currency in another form of currency.
• In other words, you exchange 1 Swiss franc for 80 Japanese yen, you really just purchased a different form of money.
Currency• Currencies allow us to consistently
express the value of an item across borders of countries, oceans, and cultures.
• We need exchange rates because one nation’s currency is not always accepted in another.
How to Figure Exchange Rates
Use the Formula below:
Practice #1: You spent 1,000 Yen Value to U.S. dollar is 108.45. What is the exchange rate (amount spent is US $)?You would divide the two numbers using the formula above.
The exchange rate is: $9.22 U.S. dollar
LATITUDE AND LONGITUDE REFRESHER
Closure
• Give me an acceptable
definition for: exchange
rate.
• The method used to
calculate the value of one
currency compared to
another.