The Ruiz Family is exchanging euros for US dollars. The exchange rate is 1 euro equals 1.35261 USD. Since the Ruiz family knows that USD are stated to the nearest hundredth of a dollar, they used the conversion ratio [1.35/ 1 euro unit]. Will this give the Ruiz family the correct exchange? Explain.

No, the Ruiz family won't get the correct exchange rate.

Step-by-step explanation:

Suppose the family has 100 euros. Using the actual exchange rate, we find they have

If we use the rate 1 euro = 1.35 USD(after rounding off), we would have

It would seem insignificant as it is small, because it is only $0.261. But, the more money they convert with this rate, the more incorrect they will be. If they exchange 1 million euros to dollar with the rounded off rate, they will loose,

So, they will get $2610 less while exchanging 1 million dollar, if they round off the exchange rate.

10cm

step-by-step explanation:

ik