While traveling to Europe, Phelan exchanged 250 US dollars for euros. He spent 150 euros on his trip. After returning to the United States, he converts his money back to US dollars. How much of the original 250 US dollars does Phelan now have? Round to the nearest cent. European euro 3687 US dollars 44.70 US dollars 73.06 US dollars 136.87 US dollars 140.41 US dollars
The correct answer and explanation is:
To solve this problem, we need to determine how much of the original 250 US dollars Phelan still has after exchanging them for euros, spending 150 euros, and then converting the remaining euros back into US dollars.
Step 1: Convert the 250 US dollars to euros.
Given that the exchange rate is not provided explicitly, we will assume that 1 US dollar is equivalent to a certain amount of euros, and we use that rate to find out how many euros Phelan received for his 250 US dollars.
Since the exact exchange rate is not specified, we can work with a hypothetical exchange rate. Let’s assume Phelan received 1 US dollar = 0.92 euros. This is just an estimate, as exchange rates fluctuate daily.
To convert 250 US dollars to euros:
250 USD×0.92 EUR/USD=230 euros250 \, \text{USD} \times 0.92 \, \text{EUR/USD} = 230 \, \text{euros}
Step 2: Subtract the amount Phelan spent.
Phelan spent 150 euros on his trip. After this expenditure, he would have:
230 euros−150 euros=80 euros230 \, \text{euros} – 150 \, \text{euros} = 80 \, \text{euros}
Step 3: Convert the remaining euros back into US dollars.
Now, Phelan needs to convert his remaining 80 euros back into US dollars. Again, assuming the same exchange rate of 1 US dollar = 0.92 euros, we can reverse the exchange rate to find out how many US dollars Phelan gets for 80 euros.
To convert euros to US dollars:
80 euros×(1 USD0.92 EUR)=86.96 USD80 \, \text{euros} \times \left( \frac{1 \, \text{USD}}{0.92 \, \text{EUR}} \right) = 86.96 \, \text{USD}
Step 4: Final Calculation.
The amount Phelan has in US dollars is 86.96 USD.
Answer:
Thus, after converting the remaining 80 euros back into US dollars, Phelan now has 86.96 US dollars.
This calculation assumes the exchange rate used for the conversion remains consistent throughout the process, though in real-world scenarios, exchange rates can vary.