SOLUTION: Anna is a student who frequently uses her American debit card to make purchases when traveling abroad. When she makes a purchase, the bank converts the purchase price at a daily fo

Question 1038115: Anna is a student who frequently uses her American debit card to make purchases when traveling abroad. When she makes a purchase, the bank converts the purchase price at a daily foreign exchange rate and than charges a 3% fee on the converted price.
Anna also converts cash from one currency to another at her bank. To convert cash into a different currency, her bank uses the daily foreign exchange rates and charges a 2.5% fee on the converted cost.
In Mexico, Anna used her debit card for a purchase that cost 235 pesos. The bank than charged her card 18.62 U.S dollars, including the 3% conversion fee. What foreign exchange rate, in Mexican pesos per U.S dollar, did the bank use for Anna's purchase?
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
The conversion fee is 3%, so 1.03 times her money is 18.62. Therefore, the amount of her purchase was:
18.62/1.03=$18.08
235/18.08=13 pesos to the dollar exchange rate!!!!!!!!!!!!!
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