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1. Currency Conversion
Currency conversion involves changing money from one unit to another, such as from pounds to pence or between different countries' currencies. It is an essential concept used in daily life and is a key topic in the 11-plus exam. In the UK, the primary currencies are pounds (£) and pence (p).
- Money is measured in pounds (£) and pence (p).
- The relationship between pounds and pence is £1 = 100p.
- Coins and notes used in the UK: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2, £5, £10, £20, £50.
1.1 Converting Between Pounds and Pence
Converting between pounds and pence requires understanding the relationship between these units.
- To convert from pounds (bigger unit) to pence (smaller unit), multiply by 100.
- To convert from pence (smaller unit) to pounds (bigger unit), divide by 100.
Example 1: Convert 450p to pounds.
Since £1 = 100p, divide 450 by 100: 450 ÷ 100 = £4.50.
Thus, 450p is £4.50.
Example 2: A comic book costs £9.56. Calculate the change in pence when paying with £10.
Change = Money paid - Cost of comic book = £10 - £9.56 = £0.44.
Convert £0.44 to pence: 0.44 × 100 = 44p.
Thus, the change is 44p.
2. Exchange Rates
Exchange rates determine how much one unit of a currency is worth in another currency. They are used when converting money for international transactions, such as traveling abroad.
Different countries have unique currencies, each with its own symbol and exchange rate.
2.1 Using Exchange Rates
To convert between currencies, multiply or divide by the exchange rate, depending on the direction of conversion.
Example: On a trip to France, the exchange rate is £1 = €1.2.
a) A water park ticket costs €18. Convert this to pounds.
Since £1 = €1.2, divide €18 by 1.2: 18 ÷ 1.2 = £15.
Thus, €18 is £15.
b) A pack of candies costs £6. Convert this to euros.
Since £1 = €1.2, multiply £6 by 1.2: 6 × 1.2 = €7.2.
Thus, £6 is €7.2.
