Exchanging money for travel

Two travellers are going to Greece next month. Traveller A is going to the bank to get 400 euros. Traveller B tells Traveller A to wait a couple of days because the “exchange rate will be better.” What does Traveller B mean by this?

The financial news report lists the US dollar “at par” with the Canadian dollar. What might “at par” mean in this situation?

In this scenario, what would be appreciating or depreciating? How do these terms relate to money?

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Tropical vacation

In order to have fun on our tropical vacation and confidently exchange money, there are a few terms you will need to know and a few calculations you will need to understand how to complete.

How to convert currency:

Desired Currency =

exchange rate × current currency exchange rate × current currency

For example:

Convert $100 Canadian to US dollars:

100 × 0.77 = $77 100×0.77 = $77

US dollars.

Convert $100 US to Canadian:

100 × 1.70 = $170 100 × 1.70 = $170

Canadian dollars.

Now, let’s practice currency conversion!

If you would like, you can complete the next two tasks using TVO Mathify. You can also use your notebook or the following fillable and printable documents.

Task 1: Conversion

Convert $100 Canadian to each of the following currencies and research an exchange rate for another currency of your choice:

Task 2: Travelling and costs

Press the ‘TVO Mathify’ button to access this resource and the ‘Activity’ button for your note taking document.

Task 3: Research currencies

Canadian currency has decimals which are called cents. Are there currencies that do not have decimals? Research an example.

Around the world and back

If you would like, you can complete the next activity using TVO Mathify. You can also use your notebook or the following fillable and printable document.

Plan a trip around the world leaving from Ontario. Pick four different destinations in four different continents. Mark them on a map. You can use a digital map or a paper map.

Decide on how much you want to spend in each place by researching average costs of hotel, flights and food costs.

Convert the amount of Canadian dollars you need and then convert to each of the currencies of the places you plan to visit. You need to research the current exchange rates.

• Are there countries in the world whose currency is considered to be valued for less than the Canadian Dollar? Why might this be?
• Are there locations that seem more expensive to visit? Explain.
• Is there anything else that you might need money for on this trip?

Organize your trip and spending in an audio recording or organizational chart and explain your calculations. One example of a chart is below:

Reflection

As you read the following descriptions, select the one that best describes your current understanding of the learning in this activity. Press the corresponding button once you have made your choice.

Now, expand on your ideas by recording your thoughts using a voice recorder, speech-to-text, or writing tool.

When you review your notes on this learning activity later, reflect on whether you would select a different description based on your further review of the material in this learning activity.

Press ‘Discover More’ to extend your skills.

Discover More

Connect with a TVO Mathify tutor