IB Math Studies: Currency Conversions

[@12pable34]

great video, it helps out a lot, thank you! it's funny how on practice questions or past exam questions they seem so easy, you can do them like you've practicing for years. and then in the actual exam they put questions that are so not what you "mastered"...thanks IB

[@XxXSnoopyAwesomeXxX]

3:49 wow that was a pretty straight line :D

[@RickParina]

Hi, thanks for the comment. I am in the process of putting together revisions for each topic. I should have one on financial math within the next week so keep a look out and there will be more currency conversions.

[@daredude126]

Thanks i didnt know what to do on my test then i saw your video saved me at the last second P.S stop using the calculator bro your a math teacher

[@saracornaggia8776]

Could you do more on currency conversions? And on simple interest?

[@zainabadel5759]

how can we find third currency from 2 known currencies for example we know that 1aud=2gbp how can we know the usd in this case

[@RickParina]

zainab adel you would just need to solve two problems. For instance you could turn AUD into GBP then you could turn GBP into USD. That would then give you AUD to USD by default.

[@lawrencetrl2]

how would you find out the commission or its amount if for example the commission rate is 1%???????

[@RickParina]

Lawrence Trl just multiply the amount by 0.01. Basically you would just be finding a percentage at that point.

[@tiffvon3869]

how do you know when you use the "buy" info or the "sell" info?

[@RickParina]

+Tiff Von The buy and sell rates can be a little confusing. The "sell rate" is the rate that the local bank will sell you foreign currency. The "buy" rate is the rate a local bank would buy foreign currency and exchange it for local currency. Whenever in doubt, calculate it with both rates and pick the lower amount. The bank always wins! :) www.travelexae.com/AE/Foreign-Currency/Rates/Online-Rates/Currency-Exchange-Rates-Explained/

[@공유진-l5o]

+Richard Parina then shouldn't we use sell rate for question a, since local bank is selling foreign currency? I'm confused.

[@RickParina]

+공유진 (wsless16207) if you are confused just use the rate that will give you the worst return. The bank always wins.

[@ianraffel6535]

you are contradicting the example. You say that if the bank is taking local money and giving you foreign money they are selling. and the buy rate is when a bank takes foreign money and giving local money. However in the example the customer has 800 CAD and wants EUR so the bank buys CAD

[@jadorenoodles]

I have a problem that is asking for the currency conversion from the price of someone's meal in foreign currency to the price in British pounds. It has nothing to do with a bank buying or selling money just asks to convert the price but the numbers are in a buys/sells graph. Do I use buy or sell?

[@9295jc]

Thank you :))