MA.912.FL.2.4

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Given current exchange rates, convert between currencies. Solve real-world problems involving exchange rates.

Clarifications

Clarification 1: Instruction includes taking into account various fees, such as conversion fee, foreign transaction fee and dynamic concurrency conversion fee.
General Information
Subject Area: Mathematics (B.E.S.T.)
Grade: 912
Strand: Financial Literacy
Standard: Develop an understanding of basic accounting and economic principles.
Date Adopted or Revised: 08/20
Status: State Board Approved

Benchmark Instructional Guide

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Terms from the K-12 Glossary

 

Vertical Alignment

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Purpose and Instructional Strategies

In grades 6 and 7, students worked with the concept of rate including, real-world contexts. Students determined a rate for a ratio of quantities with different units and calculated and interpreted the corresponding unit rate. Additional work involving ratios, rates and unit rates, including conversions within the same and different measurement system, was learned in grades 6 and 7. In Math for Data and Financial Literacy, students use this prior knowledge and understanding of rates to convert between currencies when given the current exchange rates and solve real-world problems involving exchange rates. 
  • While working with currency exchange rates, students should be aware of the various fees when doing a currency conversion including, foreign transaction fees and dynamic concurrency conversion fees. 
  • Currency is the system that is used in a country for money. The currency exchange rate is the rate used to convert from one country’s currency to the currency of another country. 
  • Exchange Rates are the rates that are used to convert one currency to another. This can be an exchange from one country to another or another economic zone. Current rates are found on the internet, or by going to a bank prior to travel or when needing to exchange currency. 
  • The fees that may be incurred include the currency conversion fee from the payment processor or, if in an ATM network, the fee to convert one currency to another as a fee for the financial transaction of converting the currency. Another fee for currency conversion is the foreign transaction fee, which is a charge to you as a consumer by the issuer of your credit or debit card or the ATM network you may be using on the same transaction.

 

Common Misconceptions or Errors

  • Students may use multiplication or division inappropriately in calculation when working with the exchange rates. 
  • Students may need help with the currency codes on the exchange rate charts to assist in calculations. 
  • Students may not include the fees in the final solution for conversions.

 

Instructional Tasks

Instructional Task 1 
  • An art class at Winstead High School has a group of seniors who plan to major in art and attend The Savannah College of Art and Design. Before attending college, the group is planning a trip to Europe to learn about the history of art and experience early artist work. In order to determine their trip costs, they need to determine the currency exchange costs. 
    • Part A. If the trip to Europe will cost each student $2,350 in U.S. dollars, calculate the cost in for the trip Europe in Euros. Use the most recent currency conversion chart. 
    • Part B. The currency and transaction fee combined is 3%. Determine the total fees. 
    • Part C. How much will the students have to save in order to travel to Europe including the fees in U.S. dollars?

 

Instructional Items

Instructional Item 1 
  • The DeMarco family lives in Buffalo, New York, and will be traveling to Niagara Falls on the Canada side for vacation. They filled up their car at a gas station in Buffalo for $3.35 per gallon. If the family fills up at gas station in Canada before heading home and the gas is 3.65 per liter, what would be the U.S. equivalent for the gas price in Canada?

*The strategies, tasks and items included in the B1G-M are examples and should not be considered comprehensive.

Related Courses

This benchmark is part of these courses.
1200388: Mathematics for Data and Financial Literacy Honors (Specifically in versions: 2022 and beyond (current))
1200384: Mathematics for Data and Financial Literacy (Specifically in versions: 2022 and beyond (current))
7912120: Access Mathematics for Data and Financial Literacy (Specifically in versions: 2022 - 2023, 2023 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
MA.912.FL.2.AP.4: Given current exchange rates, convert between currencies.

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