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3.9F Exchange Rates: Foundation Tier Practice

EDEXCEL Edexcel 1MA1 · Calculator allowed · about 50 minutes

Total Marks

Name: _______________________________ Date: ____ / ____ / ______

Answer ALL questions. Show all your working.

Write down the amount in euros. 1 pound = 1.17 euros. How many euros will you get for 5 pounds?

(Total for Question 1 is 1 mark)

Convert the amount. 1 pound = 1.30 US dollars. How many US dollars is 8 pounds? Give your answer to the nearest cent.

(Total for Question 2 is 2 marks)

A shop advertises the rate 1 euro = 0.86 pounds. How many pounds would a traveller get for 50 euros? Give your answer to 2 decimal places.

(Total for Question 3 is 2 marks)

Find the missing rate. A holiday brochure shows that 200 US dollars = 160 pounds. Work out the exchange rate in pounds for 1 US dollar (give answer as pounds per dollar).

(Total for Question 4 is 2 marks)

Compare two shops. Shop A gives the rate 1 pound = 1.10 euros. Shop B gives the rate 1 pound = 1.12 euros but charges a fixed £2 fee per transaction. A customer wants to change 100 pounds. Which shop gives the customer more euros? Show your working.

(Total for Question 5 is 3 marks)

Reverse the conversion. The rate is 1 euro = 0.88 pounds. How many euros would you get for 44 pounds? Give your answer to 2 decimal places.

(Total for Question 6 is 4 marks)

A family need 350 euros for a trip. The exchange rate is 1 pound = 1.25 euros. How many pounds should they change, giving answer to 2 decimal places?

(Total for Question 7 is 4 marks)

Multi-step: A student changes 120 pounds to Swiss francs. The rate is 1 pound = 1.34 Swiss francs. The exchange agent charges 1.5% commission on the amount in francs. Work out how many Swiss francs the student receives after the commission. Give your answer to 2 decimal places.

(Total for Question 8 is 5 marks)

Problem solving: Priya has 500 US dollars and is going to change them to pounds. The rate is 1 pound = 1.25 US dollars. The exchange office offers an additional promotion: if you change more than 400 US dollars you get an extra 3 pounds bonus. How many pounds will Priya receive in total? Show your working.

(Total for Question 9 is 6 marks)

Mixed rates: A shop in Spain prices a jacket at 89 euros. The rate is 1 pound = 1.15 euros. The shop will accept payment in pounds using this rate. A customer has 70 pounds. Can the customer buy the jacket? Show calculations and state yes or no.

(Total for Question 10 is 3 marks)

Mark scheme · 3.9F Exchange Rates: Foundation Tier Practice

Question 1

B1 5 * 1.17 = 5.85 euros cao
Answer: 5.85 euros (cao)

Question 2

M1 multiply 8 by 1.30 or identify method 8 * 1.30
A1 10.40 dollars cao (to nearest cent)
Answer: 10.40 US dollars

Question 3

M1 multiply 50 by 0.86 or use 50 * 0.86
A1 43.00 pounds cao
Answer: 43.00 pounds

Question 4

M1 divide 160 by 200 to get pounds per dollar
A1 0.80 pounds per dollar cao
Answer: 0.80 pounds per dollar

Question 5

M1 calculate euros from Shop A: 100 * 1.10 = 110
M1 calculate euros from Shop B after fee: (100 - 2) * 1.12 = 98 * 1.12
A1 Shop B gives more: Shop A 110 euros, Shop B 109.76 euros so Shop A gives more cao
Answer: Shop A gives more. Shop A: 110 euros. Shop B: (100 - 2) * 1.12 = 109.76 euros.

Question 6

M1 find euros per pound by dividing 1 by 0.88 or set up division 44 / 0.88
M1 calculate 44 / 0.88 = 50
A1 50.00 euros cao
A1 answer given to 2 decimal places
Answer: 50.00 euros

Question 7

M1 divide euros needed by rate: 350 / 1.25
M1 calculate 350 / 1.25 = 280
A1 280.00 pounds cao
A1 answer to 2 decimal places
Answer: 280.00 pounds

Question 8

M1 convert 120 pounds to francs: 120 * 1.34
M1 calculate 120 * 1.34 = 160.8 francs
M1 find commission 1.5% of 160.8: 0.015 * 160.8
M1 subtract commission: 160.8 - 2.412 = 158.388, rounded to 158.39
A1 158.39 francs cao to 2 dp
Answer: 158.39 Swiss francs

Question 9

M1 convert dollars to pounds using 1.25 dollars = 1 pound: 500 / 1.25
M1 calculate 500 / 1.25 = 400 pounds
M1 apply promotion because 500 > 400 dollars, so add 3 pounds
M1 compute total 400 + 3 = 403
A1 403 pounds cao
C1 clear method shown and justification that promotion applies (quality of written communication)
Answer: 403 pounds

Question 10

M1 convert 70 pounds to euros: 70 * 1.15 = 80.5 euros
M1 compare 80.5 euros with price 89 euros and conclude cannot buy
A1 No, the customer cannot buy the jacket; they have 80.50 euros < 89 euros cao
Answer: No. 70 * 1.15 = 80.50 euros, which is less than 89 euros.

Exchange Rates: Foundation Tier Practice - Worksheets, Questions and Revision