Module 8

1. Module 8

1.17. Page 6

Mathematics 10-3 Module 8 Lesson 3

Module 8: Daily Living

Lesson Summary

A photo shows a map of the world with major financial markets and currency exchange rates highlighted.

If you are interested in a career in financial services, such as banking or investment, you will handle currencies from across the world. Currency exchange is also a critical skill in import and export, small and large businesses involving foreign suppliers or customers, travel agencies, airlines, cross-border trucking, and other industries—just to name a few! In a highly interconnected world, as the image suggests, all Canadians will need this skill.

In this lesson you explored the following questions:

What are currency exchange rates?
What is the difference between the selling rate and the buying rate when exchanging currencies?
How are exchange rates used to convert between the Canadian dollar and foreign currencies?

Check your level of understanding of the materials covered in this lesson by completing “Lesson 3 Traffic Lights.” If you select an amber or red traffic light in the multimedia piece, you will receive information about additional work you can complete to improve your understanding of the topics. Complete the suggested work before you proceed to the Lesson 3 Assignment. If you experience difficulty, contact your teacher before starting the Lesson 3 Assignment.

In Lesson 3 you examined nominal currency exchange rates and exchange rates reflecting transaction fees charged by financial institutions, such as banks and credit unions. You used various tools to solve problems involving these rates. These tools included online currency converters, tables, proportional reasoning, and conversion factors.

Assignment

Retrieve the Lesson 3 Assignment Booklet you saved in your course folder at the start of this lesson. Complete the Assignment Booklet.

Resave your Assignment Booklet in your course folder and submit a copy to your teacher for assessment.

Unit 4 Project

Have you given some more thought to the Unit 4 Project? Does the career or job you would like to explore involve handling foreign currencies? If so, have you thought of some questions related to currency exchange you will ask during your interview with the person in that career or job? For more information about this step and later steps of the task, review the Unit 4 Project.