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An American has 20,000 Euros and travels to Kenya. After spending 2,512,000 Kenyan Shillings, they want to convert the remaining money back to US Dollars. Using the provided exchange rates, calculate

Mathematics

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Answer

5,975.84 Dollars5,975.84 \text{ Dollars}

Step-by-step solution

4 steps
  1. Convert Euros to Kenyan Shillings (Ksh).

    The American has 20,000 Euros and wants to convert them to Kenyan Shillings. The bank is buying Euros from the customer.
    From the table, the bank's buying rate for 1 Euro is Ksh 147.86.

    Amount in Ksh=20,000 Euros×147.86 Ksh/Euro\text{Amount in Ksh} = 20,000 \text{ Euros} \times 147.86 \text{ Ksh/Euro} Amount in Ksh=2,957,200 Ksh\text{Amount in Ksh} = 2,957,200 \text{ Ksh}
  2. Subtract the amount spent in Kenya.

    The American spent Sh. 2,512,000.

    Remaining Ksh=2,957,200 Ksh−2,512,000 Ksh\text{Remaining Ksh} = 2,957,200 \text{ Ksh} - 2,512,000 \text{ Ksh} Remaining Ksh=445,200 Ksh\text{Remaining Ksh} = 445,200 \text{ Ksh}
  3. Convert the remaining Kenyan Shillings to US Dollars.

    The American wants to convert the remaining Ksh into US Dollars. The bank is selling US Dollars to the customer.
    From the table, the bank's selling rate for 1 US Dollar is Ksh 74.50.

    Amount in Dollars=Remaining KshSelling rate for 1 US Dollar\text{Amount in Dollars} = \frac{\text{Remaining Ksh}}{\text{Selling rate for 1 US Dollar}} Amount in Dollars=445,200 Ksh74.50 Ksh/Dollar\text{Amount in Dollars} = \frac{445,200 \text{ Ksh}}{74.50 \text{ Ksh/Dollar}} Amount in Dollars=5,975.8389 Dollars\text{Amount in Dollars} = 5,975.8389 \text{ Dollars}
  4. Round the final amount to two decimal places (standard for currency).

    Amount in Dollars≈5,975.84 Dollars\text{Amount in Dollars} \approx 5,975.84 \text{ Dollars}

    The final answer is 5,975.84 Dollars5,975.84 \text{ Dollars}.

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