Merl is a Canadian exchange student in China, and he currently has 12,000 yuan in his bank account. If the exchange rate changes from 1 Canadian dollar = 6.64 Chinese yuan to 1 Canadian dollar = 6.78 Chinese yuan, what happens to the value in Canadian dollars of the money in Merl's bank account?
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It decreases by $37.32
By changing the rate of exchange Merl bank account decrease by 3.72 in Canadian dollar.
Given Canadian exchange student in China, and he currently has 12,000 yuan in his bank account.
We have to calculate amount in Chinese yuan at difference between 1 Canadian dollar = 6.64 Chinese yuan to 1 Canadian dollar = 6.78 Chinese yuan rate.
At 1 Canadian dollar = 6.64 Chinese yuan
12,000 yuan = 1200/6.64 Canadian dollar
= 180.72 Canadian dollar
At 1 Canadian dollar = 6.78 Chinese yuan
12,000 yuan = 1200/6.78 Canadian dollar
= 180.72 Canadian dollar
= 176.99
Hence Merl bank account decrease by 3.72 in Canadian dollar.
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