A currency exchange outlet uses the local currency L to buy and sell three international currencies A, B, and C, but does not exchange one international currency directly with another. The base exchange rates of A, B and C with respect to L are in the ratio 100:120:1. The buying exchange rates of each of A, B, and C with respect to L are 5% below the corresponding base exchange rates, and their selling exchange rates are 10% above their corresponding base exchange rates.
The following facts are known about the outlet on a particular day:
1. The amount of L used by the outlet to buy C equals the amount of L it received by selling C.
2. The amounts of L used by the outlet to buy A and B are in the ratio 5:3.
3. The amounts of L the outlet received from the sales of A and B are in the ratio 5:9.
4. The outlet received 88000 units of L by selling A during the day.
5. The outlet started the day with some amount of L, 2500 units of A, 4800 units of B, and 48000 units of C. 6. The outlet ended the day with some amount of L, 3300 units of A, 4800 units of B, and 51000 units of C.
How many units of currency A did the outlet buy on that day?
Correct Answer: 1200
Solution and Explanation
The base exchange rates of currencies A, B and C with respect to L is in the ratio 100 : 120 : 1. The given information can be tabulated as follows
The outlet received 88,000 units of L by selling A and the ratio of amounts of L used to by A and B are in the ratio 5 : 3 and from the sales of A and B are in the ratio 5 : 9.
This set is best solved by looking at the choices for the question which asked for the base exchange rate of currency C. From that we have only two possible value for the base exchange rates for A, B and C 100,120 and 1 or 200, 240 and 2.
Assuming L to be100 for A.
Units sold of A = 88,000/110 = 800
As the net addition is 800, the units of A bought is 1600 Amount of L used in buying 1600 units is 1600 x 0.95
x 100 = 152000 As the amount used to buy A and B are in the ratio 5 : 3, the amount used to buy B is 152000/5×3 = 91,200
Number of units of B bought = 91,200/114 = 800
As the net addition of B is zero, number of units of B sold = 800.
The amount received = 800 x 132 = 105600
The amount received form selling A = 88,000
As 88,000 : 105600 is not in the ratio 5 : 9 as given in the data the base exchange rate for A is not 100 and has to be 200.
Units sold for A = 88000/220 = 400
As net addition is 800, the units of A bought is 1200.
Amount of L used in buying 1200 units of A = 1200 x 0.95 x 2000 = 228000.
As the amount used to buy A and B are in the ratio 5 :3, quantity of L used to buy B is 228000/5×3 = 136800
Number of units of B bought = 136800/228 = 600
As the net addition in B is zero, the number of units of B sold = 600.
The amount received from selling B = 600 x 264= 158400
The amount received from selling A = 88,000
The required ratio 88000/158400 = 5/9.
Number of units of currency A bought 400 + 800 = 1200
How many units of currency C did the outlet sell on that day?
- 19000
- 3000
- 6000
- 22000
The Correct Option is A
Solution and Explanation
The correct answer is (A):
The base exchange rates of currencies A, B and C with respect to L is in the ratio 100 : 120 : 1. The given information can be tabulated as follows
The outlet received 88,000 units of L by selling A and the ratio of amounts of L used to by A and B are in the ratio 5 : 3 and from the sales of A and B are in the ratio 5 : 9.
This set is best solved by looking at the choices for the question which asked for the base exchange rate of currency C. From that we have only two possible value for the base exchange rates for A, B and C 100,120 and 1 or 200, 240 and 2.
Assuming L to be100 for A.
Units sold of A = 88,000/110 = 800
As the net addition is 800, the units of A bought is 1600 Amount of L used in buying 1600 units is 1600 x 0.95
x 100 = 152000 As the amount used to buy A and B are in the ratio 5 : 3, the amount used to buy B is 152000/5×3 = 91,200
Number of units of B bought = 91,200/114 = 800
As the net addition of B is zero, number of units of B sold = 800.
The amount received = 800 x 132 = 105600
The amount received form selling A = 88,000
As 88,000 : 105600 is not in the ratio 5 : 9 as given in the data the base exchange rate for A is not 100 and has to be 200.
Units sold for A = 88000/220 = 400
As net addition is 800, the units of A bought is 1200.
Amount of L used in buying 1200 units of A = 1200 x 0.95 x 2000 = 228000.
As the amount used to buy A and B are in the ratio 5 :3, quantity of L used to buy B is 228000/5×3 = 136800
Number of units of B bought = 136800/228 = 600
As the net addition in B is zero, the number of units of B sold = 600.
The amount received from selling B = 600 x 264= 158400
The amount received from selling A = 88,000
The required ratio 88000/158400 = 5/9.
As the net addition in the number of units of C is 3,000 and the buying and selling rates are in the ratio 0.95 and 1.1, assuming x units are sold 0.95 (x + 3000) = 1.1 (x)
0.15x = 2850
X= 19000
What was the base exchange rate of currency B with respect to currency L on that day?
Correct Answer: 240
Solution and Explanation
The base exchange rates of currencies A, B and C with respect to L is in the ratio 100 : 120 : 1. The given information can be tabulated as follows
The outlet received 88,000 units of L by selling A and the ratio of amounts of L used to by A and B are in the ratio 5 : 3 and from the sales of A and B are in the ratio 5 : 9.
This set is best solved by looking at the choices for the question which asked for the base exchange rate of currency C. From that we have only two possible value for the base exchange rates for A, B and C 100,120 and 1 or 200, 240 and 2.
Assuming L to be100 for A.
Units sold of A = 88,000/110 = 800
As the net addition is 800, the units of A bought is 1600 Amount of L used in buying 1600 units is 1600 x 0.95
x 100 = 152000 As the amount used to buy A and B are in the ratio 5 : 3, the amount used to buy B is 152000/5×3 = 91,200
Number of units of B bought = 91,200/114 = 800
As the net addition of B is zero, number of units of B sold = 800.
The amount received = 800 x 132 = 105600
The amount received form selling A = 88,000
As 88,000 : 105600 is not in the ratio 5 : 9 as given in the data the base exchange rate for A is not 100 and has to be 200.
Units sold for A = 88000/220 = 400
As net addition is 800, the units of A bought is 1200.
Amount of L used in buying 1200 units of A = 1200 x 0.95 x 2000 = 228000.
As the amount used to buy A and B are in the ratio 5 :3, quantity of L used to buy B is 228000/5×3 = 136800
Number of units of B bought = 136800/228 = 600
As the net addition in B is zero, the number of units of B sold = 600.
The amount received from selling B = 600 x 264= 158400
The amount received from selling A = 88,000
The required ratio 88000/158400 = 5/9.
The base exchange rate of currency B with respect to L is 240.
What was the buying exchange rate of currency C with respect to currency L on that day?
- 0.95
- 1.10
- 1.90
- 2.20
The Correct Option is C
Solution and Explanation
The correct answer is (C):
The base exchange rates of currencies A, B and C with respect to L is in the ratio 100 : 120 : 1. The given information can be tabulated as follows
The outlet received 88,000 units of L by selling A and the ratio of amounts of L used to by A and B are in the ratio 5 : 3 and from the sales of A and B are in the ratio 5 : 9.
This set is best solved by looking at the choices for the question which asked for the base exchange rate of currency C. From that we have only two possible value for the base exchange rates for A, B and C 100,120 and 1 or 200, 240 and 2.
Assuming L to be100 for A.
Units sold of A = 88,000/110 = 800
As the net addition is 800, the units of A bought is 1600 Amount of L used in buying 1600 units is 1600 x 0.95
x 100 = 152000 As the amount used to buy A and B are in the ratio 5 : 3, the amount used to buy B is 152000/5×3 = 91,200
Number of units of B bought = 91,200/114 = 800
As the net addition of B is zero, number of units of B sold = 800.
The amount received = 800 x 132 = 105600
The amount received form selling A = 88,000
As 88,000 : 105600 is not in the ratio 5 : 9 as given in the data the base exchange rate for A is not 100 and has to be 200.
Units sold for A = 88000/220 = 400
As net addition is 800, the units of A bought is 1200.
Amount of L used in buying 1200 units of A = 1200 x 0.95 x 2000 = 228000.
As the amount used to buy A and B are in the ratio 5 :3, quantity of L used to buy B is 228000/5×3 = 136800
Number of units of B bought = 136800/228 = 600
As the net addition in B is zero, the number of units of B sold = 600.
The amount received from selling B = 600 x 264= 158400
The amount received from selling A = 88,000
The required ratio 88000/158400 = 5/9.
The buying exchange rate of currency C with respect to L on that day was 1.90.
Top Questions on Conclusion
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3. Faculty members cannot vote for a candidate from their own department.
After the election, it was observed that Prof. Pakrasi received 3 votes, Prof. Qureshi received 14 votes, Prof. Ramaswamy received 6 votes and Prof. Samuel received 1 vote. Prof. Pakrasi voted for Prof. Ramaswamy, Prof. Qureshi for Prof. Samuel, Prof. Ramaswamy for Prof. Qureshi and Prof. Samuel for Prof. Pakrasi - There are only four neighbourhoods in a city-Levmisto, Tyhrmisto,Pesmisto and Kitmisto. During the onset of a pandemic,the number of new cases of a disease in each of these neighbourhoods was recorded over a period of five days. On each day, the number of new cases recorded in any of the neighbourhoods was either 0,1,2 or 3.
The following facts are also known:
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