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Decimals as Mixed Numbers

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Making the World Go Round

Credit: Petr Kratochvil
Source: http://www.publicdomainpictures.net/view-image.php?image=20847&picture=various-currencies
License: CC BY-NC 3.0

Have you ever heard the expression, “Money makes the world go ’round”? Well, it doesn’t literally do that, but money is an important element in trade and commerce around the world. Different countries have different currency, so there has to be an exchange rate. Decimals and mixed numbers play an important role in understanding exchange rates and currency.

Why This Matters

An exchange rate is the rate at which one type of currency can be exchanged for another. As you can see below, an exchange rate chart displays all of the equivalent per-dollar values in decimals. If you understand the decimal value, you can also think of it as a mixed number—sometimes this can help you more easily figure out the worth of your currency. (Please note that exchange rates are constantly changing and that the values in the table below may not be the latest figures. You can find more up-to-date rates in a newspaper or online.)

 

U.S. Dollar (USD)

British Pound (GBP)

Canadian Dollar (CAD)

Euro (EUR)

Australian Dollar (AUD)

USD

1

0.62466

1.03083

0.73795 1.06792
GBP 1.60088 1 1.65024 1.18137 1.70961

CAD

0.97009

0.60597

1

0.71588

1.03598
EUR

1.35510

0.84648

1.39689

1

1.44714

AUD

0.93640

0.58493 0.96527 0.69102 1

Let’s look at the U.S. dollar. From the first line of the chart, you can see that one U.S. dollar can be exchanged for 0.62 pounds in Great Britain. What does this mean? It means that for every U.S. dollar that you exchange, that you will get a little more than half of a “dollar” in British money (called a pound). Notice that we converted the decimal to a fraction to better understand it. Now consider Canadian money. For every U.S. dollar exchanged, you will receive 1 dollar and \frac{3}{100}ths of a dollar in Canadian currency. You get a tiny bit more than a Canadian dollar per U.S. dollar. You can think of these per-dollar exchange rates in terms of decimals, but you can also convert these values to mixed numbers. It can be easier to understand the money amounts in this way.

See for yourself: http://www.youtube.com/watch?v=xwtgByffoUw

Explore More

Use the following website to learn more about exchanging currency.

http://travelforkids.com/Travel-tips/money-exchange.htm

Image Attributions

  1. [1]^ Credit: Petr Kratochvil; Source: http://www.publicdomainpictures.net/view-image.php?image=20847&picture=various-currencies; License: CC BY-NC 3.0

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