Chain-link conversion for money

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In summary, the conversation discusses a problem involving conversion between US dollars, European euros, and Japanese yen. The problem states that 1 US dollar is equivalent to 0.716 euros and 1 yen is equivalent to 0.00776 euros. The individual attempting to solve the problem uses chain-link conversion but makes an error in the conversion factor, resulting in an incorrect answer. The correct answer is that 1 US dollar is equivalent to 90.9 yen.
  • #1
Mr Davis 97
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Homework Statement


I have the following question to answer: "A U.S. dollar equals 0.716 European euros, and a Japanese yen equals 0.00776 European euros. How much Japanese yen equals a U.S. dollar?"

Homework Equations

The Attempt at a Solution


To solve the problem, I tried chain-link conversion (as would be done with physics quantities):

##
\displaystyle1US ~ \cdot ~ \frac{0.716euro}{1US} ~ \cdot ~ \frac{0.00776yen}{1euro}
##

Multiplying this out, I get 0.00556. Which should mean that 1 dollar is equivalent to 0.00556 yen. However, the answer is that one U.S. dollar is equivalent to 90.9 yen. What am I doing wrong?
 
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  • #2
Mr Davis 97 said:

Homework Statement


I have the following question to answer: "A U.S. dollar equals 0.716 European euros, and a Japanese yen equals 0.00776 European euros. How much Japanese yen equals a U.S. dollar?"

Homework Equations

The Attempt at a Solution


To solve the problem, I tried chain-link conversion (as would be done with physics quantities):

##
\displaystyle1US ~ \cdot ~ \frac{0.716euro}{1US} ~ \cdot ~ \frac{0.00776yen}{1euro}
##

Multiplying this out, I get 0.00556. Which should mean that 1 dollar is equivalent to 0.00556 yen. However, the answer is that one U.S. dollar is equivalent to 90.9 yen. What am I doing wrong?
Your conversion has 0.00776 yen = 1 euro, which is bass ackwards from the problem statement that 1 yen = 0.00776 euro.
 
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  • #3
SteamKing said:
Your conversion has 0.00776 yen = 1 euro, which is bass ackwards from the problem statement that 1 yen = 0.00776 euro.
Oh, wow. I feel stupid. Thanks!
 

What is chain-link conversion for money?

Chain-link conversion for money is the process of converting one form of currency into another using a chain-link system, where each link in the chain represents a specific value in the currency exchange. This method is often used in international transactions where different currencies are involved.

How does chain-link conversion for money work?

The chain-link conversion process works by assigning a specific value to each link in the chain, usually based on the current exchange rate between the two currencies. The currency to be converted is then broken down into smaller units represented by each link and added up to determine the final amount in the desired currency.

What are the benefits of using chain-link conversion for money?

Chain-link conversion for money offers several benefits, including a more accurate and transparent exchange rate, quicker transactions due to the use of pre-assigned values for each link, and the ability to convert large sums of money without incurring high fees.

Are there any drawbacks to chain-link conversion for money?

One potential drawback of chain-link conversion for money is the possibility of human error in assigning values to the links, which can lead to incorrect conversions. Additionally, this method may not be suitable for currencies with highly fluctuating exchange rates.

Is chain-link conversion for money a reliable method of exchanging currency?

Yes, chain-link conversion for money is considered a reliable method of exchanging currency as it is based on a clear and consistent system of assigning values to each link in the chain. However, it is always important to double-check conversions for accuracy and be aware of potential fluctuations in exchange rates.

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