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19 March, 16:54

Merl is a Canadian exchange student in China, and he currently has 12,000 yuan in his bank account. If the exchange rate changes from 1 Canadian dollar = 6.64 Chinese yuan to 1 Canadian dollar = 6.78 Chinese yuan, what happens to the value in Canadian dollars of the money in Merl's bank account?

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  1. 19 March, 19:58
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    The value has decreased because the amount he gets in Canadian dollars has decreased for the exact same amount he has in yuan.

    I. e. Before: 12000/6.64 = 1807.23 Canadian dollars

    Present: 12000/6.78 = 1769.91 Canadian dollars
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