What Do I Have to Do?

You should now be a currency master! Now you will demonstrate your understanding of the need for and effects of currency exchange.

Imagine you are an experienced business owner and traveler. You sell technology supplies, like computers and flash drives. You are preparing for a new trip to buy supplies you need for your business. Answer the following questions.

Steps:
Review the table below. Note: the exchange rates are just examples and are not intended to be accurate. You will use the information in the table and what you learned in the lesson to answer the questions that follow.

Country and currency 2013 U. S. currency exchange rate 2020 U. S. currency exchange rate
Canada (Canadian dollar, or CAD) 1 USD = 1.50 CAD 1 USD = 1 CAD
India (Indian rupee, or INR) 1 USD = 50 INR 1 USD = 70 INR
South Africa (South African rand, or ZAR) 1 USD = 8 ZAR 1 USD = 12 ZAR
In at least two complete sentences, explain why a traveler will need to visit a currency exchange. Include how exchange rates are determined.
You have $100 in the United States. Imagine you are visiting India in 2020 to check out new products. How much would your $100 be in Indian rupees? (Be sure to show your work.)
You read about a new invention in Canada. You consider traveling there instead. In 2020, how much would your $100 be in Canadian dollars? (Be sure to show your work.)
In 2020, a computer part costs 100 CAD in Canada, and the same part costs 5600 INR in India. Should you travel to Canada or to India to buy the part? Explain your answer
You buy certain supplies in South Africa. Would it have been less expensive to buy these supplies in 2013 or in 2020? Explain your answer in complete sentences.