A problem

[John Mason]

Here is a problem that many teachers seem to want to avoid!

You are at the airport and want to convert your currency into some other
currency. You are quoted a rate at which they sell the other currency to
you, and a rate at which they will buy back the other currency and give
you your own currency in exchange.
Assuming no other commission charges, what is the commission being
charged? (Observation: at Heathrow, I make it to be between 11% and 14%!!).

JohnM

[kirby urner]

Do you convert into and back out (like round trip Google translate?) and then judge the difference to be half the commission?  I assume you end up with less after doing that.

Kirby

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[John Mason]

Well, you convert some cash, then realise you made a mistake (say) and convert back.  I can give you some actual figures if you like.

I recently went to Chile (Chilean Pesos) and was offered the following rates:

London    £  Sell: 723.0687   Buy: 1100.345

Madrid    €  Sell: 592.278     Buy: 892.34

Which airport charges the most commission?

JohnM

On 19/01/2014 20:32, kirby urner wrote:

Do you convert into and back out (like round trip Google translate?) and
then judge the difference to be half the commission?  I assume you end up
with less after doing that.

Kirby



On Sun, Jan 19, 2014 at 9:27 AM, John Mason <jhma...@googlemail.com>wrote:

Here is a problem that many teachers seem to want to avoid!

You are at the airport and want to convert your currency into some other
currency. You are quoted a rate at which they sell the other currency to
you, and a rate at which they will buy back the other currency and give you
your own currency in exchange.
Assuming no other commission charges, what is the commission being
charged? (Observation: at Heathrow, I make it to be between 11% and 14%!!).

JohnM

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"MathFuture" group.
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