Answer :
The given amount of $3,500 which Varia is to pay per year gives the
amount Varia expects to pay per month is approximately 265 EUROs.
How can the given currency be converted?
Given:
The amount Varia is required to pay per month = $3,500
The currency in which the fees is to be paid = In Euros
Required:
The amount Varia needs to pay per month in euros
Solution:
The amount Varia needs tp pay is given by the current exchange rate
from dollars o euros which is; $1 = 0.91 Euro
Therefore;
$3500 = 3500 × 0.91 EURO = 3,185 EURO
The amount Varia is expected to pay per year is 3,185 Euros
Which gives the amount Varia has to pay per month = [tex]\dfrac{3,185}{12}[/tex] ≈ 265
- The amount Varia is expected to pay per month is approximately 265 EUROs.
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