explaining how to convert currency\nthe ruiz family is exchanging euros for us dollars. the exchange rate is…

explaining how to convert currency\nthe ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since the ruiz family knows that usd are stated to the nearest hundredth of a dollar, they used the conversion ratio $\frac{1.35 \text{ usd}}{1 \text{ euro unit}}$. will this give the ruiz family the correct exchange? explain.

explaining how to convert currency\nthe ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since the ruiz family knows that usd are stated to the nearest hundredth of a dollar, they used the conversion ratio $\frac{1.35 \text{ usd}}{1 \text{ euro unit}}$. will this give the ruiz family the correct exchange? explain.

Answer

Explanation:

Step1: Analyze the exchange rate

The actual exchange rate is 1 euro = 1.35261 USD. Rounding to the nearest hundred - th gives 1.35.

Step2: Consider the impact on conversion

When using 1.35 instead of 1.35261 for conversion, for each euro exchanged, the Ruiz family will get less money. For example, if they exchange 100 euros, with the actual rate they get 100×1.35261 = 135.261 USD, but with the rounded - off rate they get 100×1.35 = 135 USD.

Answer:

No, this will not give the Ruiz family the correct exchange. Using the rounded - off conversion ratio of 1.35 USD per euro will result in them getting less US dollars for their euros compared to using the actual exchange rate of 1.35261 USD per euro.