You are leaving Mexico and have 290 pesos to change into dollars. The exchange rate is now 12 pesos to the dollar. Approximately how many dollars will you receive?
A. $24.17
B. $3025.00
C. $264.00
D. $3,480.00
The correct answer and explanation is :
The correct answer is A. $24.17.
Explanation:
To convert pesos into dollars, you need to divide the number of pesos by the current exchange rate. The exchange rate provided is 12 pesos for 1 dollar. This means that for every 12 pesos, you get 1 dollar.
The amount of pesos you have is 290. To find how many dollars you can receive, we use the following calculation:
[
\text{Amount in dollars} = \frac{\text{Amount in pesos}}{\text{Exchange rate}}
]
[
\text{Amount in dollars} = \frac{290 \, \text{pesos}}{12 \, \text{pesos per dollar}}
]
[
\text{Amount in dollars} = 24.17 \, \text{dollars}
]
So, when you exchange 290 pesos at an exchange rate of 12 pesos per dollar, you will receive approximately $24.17.
Step-by-step Breakdown:
- Given: You have 290 pesos and the exchange rate is 12 pesos per dollar.
- Formula to use: Amount in dollars = Amount in pesos ÷ Exchange rate.
- Substitute the values:
- Amount in pesos = 290
- Exchange rate = 12
- Perform the division:
[
290 \div 12 = 24.17
] - Therefore, the total you will receive is approximately $24.17.
Why the Other Options are Incorrect:
- B. $3025.00: This amount is far too high. If you were receiving 1 dollar for every 1 peso, this would make sense, but here the exchange rate is 12 pesos per dollar.
- C. $264.00: This amount is much higher than what you would get with only 290 pesos at a 12-peso-per-dollar exchange rate.
- D. $3,480.00: This amount is also unrealistic for 290 pesos at the given exchange rate.
Thus, $24.17 is the correct and accurate answer.