UCAT currency conversion questions
If the rate is euros per pound, pounds to euros is multiply; euros to pounds is divide. Take any fee off in the currency it is charged in, before converting. Try two below.
Quantitative Reasoning · Question 1 of 20:00 / 0:43
An exchange office offers €1.20 for £1, with no fee. How many euros are received for £240?
Worked answers
1. An exchange office offers €1.20 for £1, with no fee. How many euros are received for £240?
Answer: D: €288.00
- Euros received = 240 × 1.20.
- Amount received = €288.00.
2. An exchange service deducts a fee of £7 from the amount handed over, then exchanges the remainder at €1.18 per £1. How many euros does a customer receive for £500?
Answer: B: €581.74
- Sterling exchanged = £500 − £7 = £493.
- Euros received = 493 × 1.18 = €581.74.
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Multiply or divide?
| Rate given | You have | Do this |
|---|---|---|
| €1.20 per £1 | Pounds | Multiply by 1.20 |
| €1.20 per £1 | Euros | Divide by 1.20 |
| £0.85 per €1 | Euros | Multiply by 0.85 |
Sense-check: a pound buys more than one euro here, so a euro total must be bigger than the pound total.
Fees and commission
- A flat fee in pounds comes off the pounds before converting.
- A percentage commission on the amount exchanged multiplies by (1 − rate).
- Two conversions in a row: do them in order and round only at the end.
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