Question

if the exchange rate is 1 krw = 0.00085 usd, how many u.s. dollars will you receive after converting 1,000,000 krw (korean won) with a 3% transaction fee? 850.00 usd 970,000 krw 824.50 usd 1,000,000 krw

Explanation:

Step1: Calculate the amount in USD without fee

The exchange rate is 1 KRW = 0.00085 USD. For 1,000,000 KRW, the amount in USD without fee is $1000000\times0.00085 = 850$ USD.

Step2: Calculate the transaction - fee amount

The transaction - fee is 3% of the amount in USD without fee. The fee amount is $850\times0.03=25.5$ USD.

Step3: Calculate the final amount in USD

The final amount in USD is $850 - 25.5=824.5$ USD.

Answer:

824.50 USD