the ruiz family is exchanging euros for us dollars. the exchange rate is 1 euro equals 1.35261 usd. since…
the 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 1.35 usd / 1 euro unit. will this give the ruiz family the correct exchange? explain.
Answer
Explanation:
Step1: Analyze rounding of exchange - rate
The actual exchange rate is 1.35261 USD per euro. When rounding to the nearest hundredth, we look at the thousandths - place digit. The thousandths - place digit is 2. Since 2 < 5, we round 1.35261 to 1.35.
Step2: Evaluate the conversion ratio
The conversion ratio $\frac{1.35\text{ USD}}{1\text{ euro}}$ is the rounded - off value of the actual exchange rate to the nearest hundredth. So, for practical purposes when dealing with money stated to the nearest hundredth of a dollar, this conversion ratio will give the correct exchange amount within the required level of precision.
Answer:
Yes, because when the exchange rate 1.35261 USD per euro is rounded to the nearest hundredth, it is 1.35 USD per euro.