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3.7 Making Purchases from Other Countries: Pages 92 - 95


TODAY'S AGENDA: We are learning making purchases from other countries and how to convert currencies.

1) Teacher led: Examine the live exchange rates table below.
2) Look at the examples and complete pages 92, 93, 94, and 95.

Exchange Rate
Many Canadians visit the United States or other countries. The value of the value of one country's currency in a second country. The exchange rate in 2007 was $1.00 U.S. for $1.14. 
Live Exchange Rates

Useful Links
1) 
http://www.oanda.com/currency/converter/

Picture
Scenario 1: Shopping abroad
Jack and Jill find a hand bag on their vacation for 65 Turkish liras in Turkey. How much will they pay in Canadian dollars? (The sales tax is included in the tag price.)

Solution
Method 1: Use a calculator
Find out the exchange rate of Turkish lira in Canadian dollars.
1 Turkish lira           =     0.44 CAD
1 x 65 Turkish lira   =     0.44 x 65 CAD
               65 TRY     =     $28.60 CAD

Method 2: Use a currency converter 
Type the amount you want to convert
65 TRY = $28.60 CAD

Currency Converter

Picture
Scenario 2: Shopping online
The price of a necklace for your mom is $34 U.S. There is a 8% sales tax and no shipping cost. How much in Canadian dollars is this purchace going to cost you?

Solution
Step 1: Find out after-tax cost of your purchase.
34 x 1.08 = $36.72 U.S


Step 2: Using the currency converter, find out the cost in Canandian Dollars or multiply U.S dollar with currency rate. 
$47.98 CAD








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