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Money, Money, Money!

Brief Description
Students calculate conversions of U.S. dollars to Australian dollars, using current exchange rates.

Objectives

Students demonstrate abilities to correctly calculate conversions of Australian dollars to U.S. dollars, using current exchange rates.

Keywords

Australia, money, rate, conversion, economy

Materials Needed

• listing of current foreign currency exchange rates from a recent newspaper or from the sites OANDA.com or eXchangeRate.com
• pencils or pens
• paper or teacher-created worksheet
• chalkboard and chalk
• calculator (optional)

Lesson Plan

• Check a recent newspaper or the sites noted above for current foreign currency exchange rates. Write the exchange rates of Australian dollars to U.S. dollars on the board. For example, write
1 Australian dollar = \$0.5904 U.S. dollar 1 U.S. dollar = \$1.6938 Australian dollars.
Ask students to read and explain each equation. For younger students, you might round off the numbers.
\$1 (Australia) = \$.59 (U.S.) \$1 (U.S.) = \$1.69 (Australia)
• Give students various U.S. dollar amounts to convert to Australian dollars. Have students calculate the conversions. For example, ask "How many U.S. dollars are there in \$5 Australian?" Students multiply 5 times the current rate for one U.S. dollar. Five times \$0.5904 equals \$2.952 U.S. dollars. Rounded, \$5 Australian = \$2.95 U.S. Ask "How many Australian dollars are in five U.S. dollars?" Students multiply 5 times the current rate for \$1 Australian. Five times \$1.6938 equals \$8.469 Australian dollars. Rounded, five U.S. dollars are equal to about \$8.47 Australian.

Assessment

Evaluate students' conversions.

Lesson Plan Source

Education World

Submitted By

Lois Lewis

National Standards

Originally published 09/05/2000
Updated 10/29/2014