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Let's go over currency conversion using Dimensional Analysis. This method involves converting units using their relationship to cancel out units and leave the desired result. The steps are the same, but the method ensures the units "cancel" properly.
What is Dimensional Analysis?
Dimensional analysis is a way to convert between units using fractions that represent the conversion factors. The key idea is to multiply by 1 in the form of a conversion factor. In currency conversions, these factors are based on the exchange rate.
Example 1: On December 13, 2007, one South African rand was worth 0.15 U.S. dollars.
(a) On that date, how many rand was 17.63 dollars worth?
Round your answer to the nearest hundredth of a rand.
(b) On that date, how many dollars was 184.04 rand worth?
Round your answer to the nearest hundredth of a dollar.
Alright, let's break down how we can solve these currency conversion problems step by step. The key here is understanding how to convert one currency into another using the exchange rate. An exchange rate tells us how much one currency is worth in terms of another. In this case, we are dealing with the South African rand and U.S. dollars.
Example 2: On March 8, 2017, one U.S. dollar was worth 66.79 Indian rupees.
(a) On that date, how many rupees was 125.29 dollars worth?
Round your answer to the nearest hundredth of a rupee.
(b) On that date, how many dollars was 67.36 rupees worth?
Round your answer to the nearest hundredth of a dollar.
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