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    Currency Conversion

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    If i had exchanged £20,000 into rubles in January and converted back into pounds in November, paying 2.5% commission for each transaction, how much would I have in pounds, to the nearest penny?

    January exchange rate (rubles per pound) = 44.3623
    November exchange rate (rubles per pound) = 49.7023

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    Solution Preview

    The first transaction gives us the following amount of rubles: 20,000 * 0.975 * 44.3623 = 865,064.85 ...

    Solution Summary

    This solution looks at converting pounds into rubles with a commission rate.