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By the end of this topic, you should be able to:
Money is a way to measure value and make purchases. In mathematics, we work with money by doing calculations (adding, subtracting, multiplying, dividing) and converting between different types of money called currencies.
Different countries use different currencies. Each currency has its own name and symbol.
The most commonly used currencies you'll encounter are:
You may also see other currencies in exam questions, sometimes with symbols and sometimes without.
When working with money, you'll need to perform basic calculations. Look for key words in questions to know what operation to use:
Addition – when you see words like:
Subtraction – when you see words like:
Multiplication – when you see:
Division – when you see:
Most currencies are rounded to two decimal places (two numbers after the decimal point). This applies to dollars, pounds, and euros.
Important rules:
Example:
For large amounts (like the cost of a car), you might round to the nearest dollar, 10 dollars, or 100 dollars instead. Use the context of the question to decide what's appropriate.
Some currencies have very large numbers due to exchange rates (like rupees). These are usually rounded to the nearest whole number.
Example: If 10=816.38rupees,youcouldroundtheexchangeratesothat100 = 8160 rupees.
Sometimes prices are given with more than two decimal places.
Example: Petrol in the UK might cost £1.579 per litre.
Rule: Use all the decimal places given in your working and calculations. Only round your final answer to two decimal places (or whatever is appropriate for the question).
Currency conversion means changing money from one currency to another. This uses an exchange rate, which tells you how much of one currency equals another.
There are several methods to convert currencies.
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