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Exchange Rates & Best Buys (Edexcel IGCSE Maths A)

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  • FrontExchange Rates

    When are exchange rates used?

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  • When are exchange rates used?

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

  • True or False?

    Exchange rates can be written as ratios.

    True.

    Exchange rates can be written as ratios.

    E.g. table row blank blank cell GBP space open parentheses £ close parentheses space colon space USD space open parentheses $ close parentheses space end cell row blank blank cell space space space space space space space space space space space space space space 1 space colon space 1.27 end cell end table

  • How do you use an exchange rate £1 = $1.25 to convert £ into $?

    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 or False?

    An exchange rate is given as £1 = $1.25.

    To convert $10 into £ you perform the calculation 10 divided by 1.25.

    True.

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

  • What is a "best buy"?

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

  • True or False?

    To find the best buy, you should always choose the cheapest total price.

    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.

  • What is the key step in comparing deals with different quantities?

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

  • Define unit price.

    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 or False?

    The deal with the lowest price per unit is always the best buy.

    True.

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

  • What is the process for determining which shop offers better value?

    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.

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