Steemkids lesson||Money and rate of exchange

Money is what we pay in exchange for goods and services.
Different countries have their own currencies.
The table below shows different countries and their currencies:

Country	Currency
India	rupee
Usa	dollar
Nigeria	Naira/kobo
France	euro
China	Renmimbi
Ghana	Cedi
Japan	Yen

Rates of exchange

Rates of exchange is the value of a currency for the purpose of conversion to a different currency.

If we travel outside your country to any other country, you will have to use the currency of the country you are visiting. So You need to convert your currency to the country's currency.
The rates of exchange varies from one country to another and always changes as time goes on.
For example:

1 dollar = 412.50 Naira
1 euro = 1.17 dollar
100 cents = 1 dollar
100 kobo = 1 Naira
1 steem = 300 Naira

Lets make some conversions in the examples below:

Note: When the value of the other currency is higher than our currency, we divide the actual amount we want to convert by the exchange rate of the currency we want to convert to but if the value of our currency is higher we multiply.
For example:
Converting euro to naira using their exchange rate.
If 1 euro = 40 naira
200 euro will be 200 × 40 which is equal to 8000.
40 is the exchange rate of naira and euro.
euro is higher so we multiplied by the exchange rate.

But say we are doing the inverse we would divide.
Changing from euro to naira will be 200/40 which will be equal to 5.

Example 1

What is the value of N4000 in Us dollar if $1 = N500?

Solution

In this example we are converting from Naira to US dollar and the value of dollar is higher so we divide the amount we want to convert(4000) by their exchange rate of which is 500.

Example 2:
If $1 = €400, what is the value of 64000 in USA dollars.
To change €64000 in US dollar, divide by the exchange rate which is 400.

Example 3
Change the following to Naira:
1).N45 (2).£104 ( 3).€73 using the exchange rates below:
$1 = N460, £1 = N260 and €1 = N480.

Solution

To change $45 to N, multiply by 460.(exchange rate).

2). To change £104 to N multiply by 260( the exchange rate)

3). To change €73 to N, multiply bu the exchange rate which is 480.

Assignment

• Define money and rate of exchange

• If $1 = ¢400, what is the value of c8000 in Us dollars?

• what is the value of the following in Steem: (a). 25Sbd (b) 45 tron using the exchange rate below
  1 Sbd = 50 steem and 5 tron = 30 steem.

Remember friends that your assignment should be a comment under this post.

You need to include at least a photo of you solving the lesson or after solving.

Duration
Make your submissions before 7 days elapses.

Every participant in this assignment will be rewarded with 1 steem from steemkidss.

Thanks so much. Our next class will benon profit and loss.