Question

The Ruiz family is exchanging euros for US dollars. The exchange rate is 1 euro equals 1.35261 USD. Since the Ruiz family knows that USD are stated to the nearest hundredth of a dollar, they used the conversion ratio. Will this give the Ruiz family the correct exchange?

Answer 1

No, by rounding the conversion ratio, the Ruiz family will not be getting the most accurate answer. Using the more accurate conversion ratio will give an answer with more than 2 decimal places so the answer can accurately be rounded after the conversion.

Explanation:

just copy/paste

Answer 2

It will depend on how many euros they intend to convert. If they were only converting one euro they would get $1.35 whichever rate they used, but imagine it was a thousand euros - at the correct rate they would get $1352.61, at the proposed rate they would only get $1350.

Explanation:

No, by rounding the conversion ratio, the Ruiz family will not be getting the most accurate answer. Using the more accurate conversion ratio will give an answer with more than 2 decimal places so the answer can accurately be rounded after the conversion.