business currency exchange

Step #1: To begin:

  • This is an Internet Browser assignment (you will not find the answer in any one paragraph in the textbook), you need to search the Internet for supportive material on this topic.
  • You may choose a new/magazine article (or .com) for support material (give credit to the source you take the information from).
  • You can prepare this assignment using Microsoft Word. If the software you’re using allows you to save your document as a .txt or .rft or .pdf, please do so.
  • Title Page Required:
    • Include Your Name, Student ID, and Date
    • Include Business Article #1 and title of the assignment “Currency Exchange”.
    • You can include a photo or picture image to enhance the page, it’s not required, but if you have the capability you can.
Currency Globe
Step #2: Writing your assignment:

  • First, describe in your own words the significance and differences in foreign currency exchange rates.
Two hands with different types of currency in each.
  • Secondly, explain how to convert one form of currency into another, and which is worth more in value. For example, consider buying a iPhone or iPad in Vietnam (dong), or France (euro) or Mexico (peso), Japan (yen), explain in writing how do you convert US dollars into that currency.
  • Don’t read too much into this! The question asked you to show how to convert one form of currency into another. Most common answer submitted: telling me to take it to the bank or currency exchange center, this tells me where not how.
Currency Rates

Consider a US traveler in France would have to pay $152.38 Euros for a product, ($152.38 EU x Exchange Rate (1.3125) = $199.9987 or simply $200 US dollars. More simplified: (EU x Exch Rate) = US Dollars.

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These are simple calculations we can perform ourselves without the aid of a currency exchange bank or accessing an internet website to use their converter. With today’s technology iPhones, Droids, iPads, I can download an application even use my iPhone or Smart Phone to compute the value.

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If I was in LA or Mexico and had checked on the exchange rate prior, the rate could change however, the calculation would remain the same.

Professor Icon waving to get you attention on this simple formula
Step #3: Closing paragraph:

  • Finally, consider having a small business in a different country, how would you convert your payroll into the prevailing currency. Also take into consideration all nations do not deal in the same denomination as we do (etc. nickles, dimes and pennies)
Vertical stack of currency coins
Step #4: Saving and Naming your Document

Save the document using your 1st initial and last name followed by BA#1. For example if your name was:

  • Chuck Henry file name looks like CHenryBA#1.doc
  • Robert Hanner file name looks like RHannerBA#1.doc
  • Elba Smith file name looks like ESmithBA#1.doc
1 to 2 pages
 
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