Exam-Style Question on Finance
A mathematics exam-style question with a worked solution that can be revealed gradually
Question id: 122. This question is similar to one that appeared on a GCSE Higher paper (specimen) for 2017. The use of a calculator is allowed.
The Griffiths family from London are going on holiday to Thailand.
They have a total of £1200 which they want to change into Thai baht but can't decide whether to change all of the money at once or in two instalments of £600.
They see this deal in a Currency Exchange Bureau.
Get 51 baht for £1 on amounts less than £800
Get 52 baht for £1 when you change £800 or more
How much extra money do they get by exchanging all of their money in one transaction?
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