1. It is given that £1 is equal to Rs. 155.63. If 2% commission should be paid to exchange Rs 500000 into Pound sterling, how much pound sterling can he receive? Find it.
Solution:
Let the exchange amount be X.
Commission amount =
= 2% of X
= 2/100 ×X
= X/50
By question,
X/50 +X =500000
Or, 51X=500000×50
Or, X=490196.07 £
Amount of pound sterling received=
=490196.07/155.53
=3149.75 £
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