Exchange Rates & Best Buys (Edexcel GCSE Maths)

Exchange rates are used when comparing and converting between different currencies.

True.

Exchange rates can be written as ratios.

E.g.

Given an exchange rate of £1 = $1.25, you can convert £ into $ by multiplying your value in £ by 1.25.

E.g. Convert £16 into $.
16 × 1.25 = $20.

True.

If £1 = $1.25 then to convert $10 into £ you work out 10÷1.25.

A "best buy" is the deal or offer that provides the best value for money among multiple options.

False.

To find the best buy, you should not always choose the cheapest total price.

To find the best buy, you should compare the price per unit or item, not just the total price.

The key step in comparing deals with different quantities is to calculate the price of 1 item for each deal.

Unit price is the cost of a single item or unit of measurement

This is used to compare products of different sizes or quantities.

True.

The deal with the lowest price per unit is always the best buy, as it offers the best value for money.

The process for determining which shop offers better value is:

1) Calculate the unit price for each deal,

2) Compare the unit prices,

3) Choose the lowest unit price as the better value.