A bank exchanges British currency for Singapore currency at the rate of S$ 3.20 to pond 1. Calculate, in Pond, the amount exchanged for S$ 1,600 by a customer who also had to pay an extra 3% commission for this transaction.
- Pond 475
- Pond 485
- Pond 495
- Pond 505
- Pond 510
As commission is 3% of 1600 = 0.03 × 1600 = S$ 48
the rest amount = 1600 - 48 = S$ 1552
S$ 1 = \(1 \over 3.20\) = Pond 0.3125
Now S$ 1552 = 1552 × 0.3125 = Pond 485