Step 1: Calculate the quantity of Pounds received for €200,000
(1 mark for the correct answer)
Step 2: Calculate the new exchange rate
£1= (€1.10 x 0.9) = €0.99
(1 mark for the correct answer)
Step 3: Use the above value to calculate the new amount of Euros
£181,818.18 x 0.99 = £179,999,9982
Step 4: Round to two decimal places
£180,000 (2 marks for the correct answer rounded to 2 decimal places)
Step 5: Calculate the loss
£200,000 - £180,000 = £20,000 loss (1 mark for the correct answer)
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