Solve the currency exchange problem: Convert Ksh 600,000 to Euros, given the following rates: 1 Sterling pound = Ksh 114.50 (selling) / Ksh 115.00 (buying); 1 Euro = Ksh 120.00 (selling) / Ksh 120.50

Here are the solutions to the problems:

1. Currency Exchange Problem

Step 1: Convert Ksh 600,000 to Sterling pounds.
When exchanging Ksh for Sterling, the bank sells Sterling.

$$\text{Amount in Sterling} = \frac{\text{Ksh 600,000}}{\text{Ksh 114.50/£}} \approx 5240.17467 \text{ Sterling pounds}$$

Step 2: Convert the Sterling pounds to Euros.
To convert Sterling to Euros, we first convert Sterling back to Ksh (bank buys Sterling), then convert Ksh to Euros (bank sells Euros).

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