![]() ![]() If the exchange rate is 104 rupees to one dollar, we need to multiply that by 2 to get 208 rupees.Ĭonsider having youth do some research about prices in other countries and find the exchange rates to discover how much the purchase would cost in different currencies. “If you had a friend visiting from Nepal and wanted to explain how much a bunch of bananas cost at your local grocery store ($2), how many rupees would that be?” Here you want to help students see the math a little differently. Some other countries have a similar system, where fractions of their main unit have a different name (pence, kopeks, etc.), and some countries call all of their units the same thing (pesos, rupees, etc.). With younger students, this is a good opportunity to talk about what we call fractions of a dollar (i.e., we would usually say 53 cents instead of $0.53). dollars?” With an exchange rate of 19 pesos to one dollar as of October 2017, we find that 10 divided by 19 is $0.53 USD. “If you were in Mexico and wanted to buy a cool soft drink for 10 pesos, how much would that be in U.S. This means we would divide 400 by 14 to find out what the equivalency would be in U.S. dollars?” In October 2017, the exchange rate is about 14 rand to one dollar. ![]() For example, “If you were in South Africa and wanted to buy a t-shirt for 400 rand, how much would that be in U.S. Help students work through the math of various currencies. Find a few examples to show students some current exchange rates- XE Currency Converter is a one source for current information. Exchange rates vary depending on many different factors, including politics and world events. Michigan State University Extension’s 4-H Youth Development has an activity for youth to figure out exchange rates themselves.Ĭountries establish an exchange rate for their money, which tells everyone how much one currency is equal to how much of another currency. This is a great time to talk about currency exchange and demystifying the math that goes into it. After talking about how other countries have different money than us in “ Money around the world – Part 1: Foreign currency,” some kids may wonder how we buy and sell between countries. ![]()
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