Ria is an Indian student who was admitted to a US university. Her annual tuition is $42,000. She has to pay her tuition fees in US dollars. She needs to calculate how many Indian rupees she will need to buy one dollar. The dollar to rupee exchange rate is 63.76 and rupee to dollar exchange rate is 0.015. How many Indian rupees will Ria need to buy one dollar? A.
50.00 rupees
B.
56.00 rupees
C.
63.76 rupees
D.
76.63 rupees

The correct answer is C. 63.76 rupees

Explanation:

In the economy, the exchange rate is the one that defines the equivalence between two currencies of different countries or economical zones. This means by using the exchange rate you can determine how many rupees you need to buy one dollar and vice versa. According to this, if the dollar to rupee exchange is 63.76 this means 1 dollar = 63.76 rupees, and therefore you will need 63.76 rupees to get one dollar. On the other hand, if you have 1 rupee this is equivalent to 0.015 dollars as this is the exchange rate rupee to dollars. Thus, to buy one dollar Ria will need to have 63.76 rupees because this is the exchange rate for the two currencies.

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