SOLUTION: Please help with the homework 1. A retired British is on holiday in cape town. He and his wife like an apartment in sea point, which is for sale for 2400000. The couple managed to

Algebra ->  Finance -> SOLUTION: Please help with the homework 1. A retired British is on holiday in cape town. He and his wife like an apartment in sea point, which is for sale for 2400000. The couple managed to      Log On


   

Question 1193288: Please help with the homework
1. A retired British is on holiday in cape town. He and his wife like an apartment in sea point, which is for sale for 2400000. The couple managed to negotiate a price of 2100000. Determine how much they paid for the apartment in the British pounds?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
cape town is in south africa.
the currency in sourth africa is the rand (ZAR).
the british currency is the pound (GBP).

the current exchange rate between the pound and the rand is:
1 british pound = 18.2158 south african rands.

if the price is 21,000,000 rands, then the equivalent cost in british pounds will be that divided by 18.2158 = 1,152,845.332.

i used travelex money converter.
it can be found at https://www.travelex.co.uk/currency/currency-pairs/gbp-to-zar

this is what it showed.


please note that the currency exchange rate is a moving target and also that different websites can give slightly different valuations based on rounding and other considerations i may or may not be familiar with.

this answer will be in the ball park, as the differences between valuations does not appear to be large.