Currency and Exchange Rate|Legit essays

Posted: February 21st, 2023

Worksheet 5: Currency and Exchange Rates Name: Claudia Pena

 

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Go to the CIA Fact Book, https://www.cia.gov/the-world-factbook/ and look AUSTRALIA

Use Google (or other online resources) to answer the following:

 

1. What is the name of the currency in your country?

 

2. What is the exchange rate between the dollar and your currency?

$1 = ______________

 

3. What is the exchange rate between your currency and the dollar?

1 ___________ (local currency) = __________ dollars

 

4. What was the exchange rate between the dollar and your currency 1 year ago?

 

$ 1 = ______________ (last year)

 

5. Suppose Ford exported a Ford Mustang that cost $30,000 in the US to your country. What would that car be worth in the local currency?

 

 

6. What would that car have been worth, using last year’s exchange rate?

 

 

7. In the past year, has your local currency gotten ‘weaker’ or ‘stronger’ compared to the dollar?

 

SOLUTION

  1. The name of the currency in Australia is the Australian dollar (AUD).
  2. As of February 21, 2023, the exchange rate between the US dollar (USD) and the Australian dollar (AUD) is:

$1 = 1.3104 AUD

  1. As of February 21, 2023, the exchange rate between the Australian dollar (AUD) and the US dollar (USD) is:

1 AUD = 0.7622 USD

  1. One year ago, on February 21, 2022, the exchange rate between the US dollar (USD) and the Australian dollar (AUD) was:

$1 = 1.3659 AUD

  1. If Ford exported a Ford Mustang that cost $30,000 in the US to Australia, it would be worth:

$30,000 x 1.3104 AUD/USD = 39,312 AUD

Therefore, the car would be worth 39,312 Australian dollars in Australia.

  1. If we use the exchange rate from February 21, 2022, the car would have been worth:

$30,000 x 1.3659 AUD/USD = 40,977 AUD

Therefore, using last year’s exchange rate, the car would have been worth 40,977 Australian dollars in Australia.

  1. In the past year, the Australian dollar (AUD) has gotten weaker compared to the US dollar (USD), as the exchange rate has gone from $1 = 1.3659 AUD to $1 = 1.3104 AUD.

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