CountryExchange RateIce Cream ConeHotel China8 yuans = $1$.13$30.00 India55 rupees = $1$.64$100.00 England.6 pounds = $1$1.20$45.00 Brazil2 reals = $1$2.50$150.00.

Currency Exchange at International TowneStudents will learn how to use the Currency

Exchange Tables found on their passports and practice completing a currency log

Students learn to use the Currency Exchange Tables found on their Passports and practice completing a Currency Log.

Overview

Students will be able to..◦ Use the Currency Exchange Tables found on their

passports to find the number of notes to exchange at different prices.

◦ Exchange currencies at the International Bank◦ Determine relative prices of goods in different

countries◦ Maintain and use the Currency Log in their

passports◦ Explain the performance criteria listed on the

passport rubric.

Objectives

International Towne uses four regional currencies: EuRussia notes, PacAsia notes, MidAfri notes, and AmeriLat notes.

International Towne regional currency denominations are set: EuRussia – 1,5; PacAsia-2,10; MidAfri-3,15; and AmeriLat notes-4, 20. As a result prices for products sold in these various regions must be based on these multiples.◦ EuRussia Notes are used in Italy, Germany, the Netherlands, United Kingdom, and Russia◦ Egypt, Ghana, and Israel use MidAfri notes.◦ The Pacific Rim countries of Australia, China, India, Japan, and Singapore use PacAsia

notes.◦ AmeriLat notes are used in Brazil, Canada, and Panama.

To purchase goods, citizens must use the appropriate currency. There are four regional currency exchange services available in the countries of Australia, Brazil, Ghana, and Italy.

Citizens receive their salaries in the currency of their country where they work.

Currencies can be exchanged at the International Bank in Singapore at any time during the day.

Currency Exchange Tables

Passports IssuedThe Currency Exchange Table (passport version) should be found on the back of your Passports. The tables will make exchanging currency easier, because the math has already been done for you

The following example is in your student workbook entitled Shopping for Souvenirs:◦ A citizen works in Canada and receives her salary in

AmeriLat notes. She wishes to buy a pair of sunglasses from Egypt. To do so, she must exchange her AmeriLat notes for MidAfri notes.

◦ She finds the table for MidAfri notes on the back of her passport. The sunglasses cost (15) MidAfri notes, so she finds the row that lists the price of (15) MidAfri notes and follows it across until it intersects with the AmeriLat column. The row and the column intersect at (20) MidAfri notes. She will need to exchange (20) AmeriLat notes for the 15 MidAfri notes she will need to buy the sunglasses

How to use the Exchange Tables

Lets do a few other example Tables show the number of notes to exchange

without having to solve an equation. If you come across a price not listed on the table, you can still use a calculator and the exchange rate listed at the top of each column.

Helpful hint:◦ Bill exchange a 1 for 1 exchange no matter what the

denomination; students will receive 1 large bill (5, 10, 15 or 20) in any denomination in exchange for their region’s large bill. Large bills are dark colors. Small bills (1, 2, 3, or 4) are lighter in color.

How to use the Tables conti…

Look at the prices on the four different tables. What do you notice?

◦ The prices in each country are multiples of a specific number. Prices in EuRussia notes are multiples of one. PacAsia prices are multiples of two. Prices in MidAfri notes are multiples of three. AmeriLat prices are multiples of four.

◦ All products sold in each country must be based on these multiple! Otherwise, we would need coins, which are not available.

◦ For example, if China decided to change the price of finger traps to 7 PacAsia notes nobody could buy them because you would be unable to give change. Products sold in PacAsia must be priced by multiples of 2, the denomination of the smallest bill in that region.

Reviewing how to use the Tables

You should initially sell your countries products and cultural activities for the prices listed on your Projected Revenue and Expenses sheets. ◦ However, if for some reason you need to change

prices, you must set a new price that are the correct multiples for your country’s currency.

Finance Ministers will be directed to the International Bank in Singapore before Towne opens to pick up their citizen’s salary packets.

You can exchange currency at the International Bank at any time, but you may also exchange money at the four regional currency exchange offices for a small fee. These are located in Ghana, Italy, Australia, and Brazil.

Remember…

You should consider the easiest and the fastest way to make purchases.

Ask yourself:◦ Is it to go to the International Bank and obtain the correct amount

and type of currency every time you want to buy something, or to have some of each currency on hand so you always have the kind you need when youre out shopping? Also, is it wiser to save time, but spend a bit of money and exchange at a regional currency exchange office? Or is it easier to use your credit card?

The most frugal, easiest and most efficient way to get some of each currency is to visit the International Bank at the beginning of their first travel break.

You should divide your salary currency into four quasi-equal sets. (Based on the currency, some students will need to decide which currency they want more of-since the denominations will not divide perfectly into four equal parts). You should keep one set of your country’s currency and exchange the other three sets for the other three regional currencies.

Exchanging Currency

A Russian Chef in Russia gets paid (35) EuRussia notes

Find the last row on the EuRussia Notes table (begins with the number 9)

Count out salary currency into three sets of (9) notes each. (This leaves (8) EuRussia notes the Russian Chef will keep.)

Exchange the three sets of (9) notes at the International Bank for (18) PacAsia notes, (27) MidAfri notes, and (36) AmeriLat notes.

The Russian Chef now has some of each currency to use when travelling

Example

Shopping for Souvenirs

Traveling around the World

As you read the scenario, complete the Currency Log on page 45. This activity will provide you with solid practice so you can be ready for your own travels in International Towne

When travelling around the world, it is important to keep track of your expenses, food, entertainment, and tourist items that they purchase.

Suddenly running out of money cannot only ruin a trip, but it can also make it difficult to return home!! Attempting to keep track of purchases by memory is not effective.

Turn to the Travelling Around the World page in your student workbook. Read through the scenario and complete the currency log on the next page.

Complete for Homework.

Traveling Around the World Activity

If you last name starts with A-L… Monday, February 2

If your last name starts with M-L… Tuesday, February 3

Don’t forget to bring a sack lunch!

Remember…

Review the Passport Rubric. You will need to have your passport with

you at all times, because Customs Agents will inspect Passports before you can buy products, it is against International Towne law to travel outside of one’s own country without a passport

Remember to review the Currency Exchange tables to find he number of notes when exchanging money

Summary