Questions: A business based in South Africa pays a consultant in the U.S. 1,090,000 rand per year. Assume that the conversion is I rand to 0.074 dollar. What is the consultant's salary in dollars per month?

A business based in South Africa pays a consultant in the U.S. 1,090,000 rand per year. Assume that the conversion is I rand to 0.074 dollar. What is the consultant's salary in dollars per month?
Transcript text: A business based in South Africa pays a consultant in the U.S. $1,090,000$ rand per year. Assume that the conversion is $I$ rand to 0.074 dollar. What is the consultant's salary in dollars per month?
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Solution

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Solution Steps

Step 1: Convert the annual salary from rand to dollars

To convert the consultant's annual salary from rand to dollars, multiply the amount in rand by the conversion rate: \[ 1,090,000 \, \text{rand} \times 0.074 \, \frac{\text{dollars}}{\text{rand}} = 80,660 \, \text{dollars}. \]

Step 2: Calculate the monthly salary in dollars

To find the monthly salary, divide the annual salary in dollars by 12: \[ \frac{80,660 \, \text{dollars}}{12} = 6,721.666... \, \text{dollars}. \]

Step 3: Round the monthly salary to the nearest hundredth

Round \(6,721.666...\) to the nearest hundredth: \[ 6,721.67 \, \text{dollars}. \]

Final Answer

\(\boxed{6,721.67}\)

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