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Money Conversion
Was it on this forum that someone had a fairly foolproof method of converting EC to USD and vice vesa?
It went something like divide by 3 add 10% or divide by 3 then subtract 10%. Always came out within pennies? When I read the thread, the formula worked, but now ....................... Does anyone remember?? |
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I found it........ sunnyboy posted it on 4/13
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I always just tried to remember that $50.00EC was pretty close to $20.00US. From that I could extropolate to what I was trying to figure out.
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Doesn't the exchange rate change daily? You should just look up the prevailing exchange rate on Bloomberg and then do the calculations. Remember when converting money back and forth, banks won't convert coins so there goes the pennies.
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Generally speaking, 1.00 = 2.70
So.......... 100.00 EC = 27.00 USD 50.00 = 13.50 There was just that clever formula to use in your head so when you got the bar tab for 32.00 EC, you could give the proper US and not have to ask........ |
The official $US/$EC exchange rate at banks is "fixed" at $1US=$2.6882EC. It does not change daily. Vendors will give anywhere between $2.60 and $2.70 EC to the dollars.
My "quick" formula for converting $EC to $US is to divide the $EC price by 3 and add 10%. The result (while not exact) will get you very close to the $US equivalent. For example if you see something that is maked $EC45.00, using this formula the $US equivallent would be about $16.50. Using the "official" exchange rate you'd get US$16.74. The "quick" formula is not intended to be exact but to help those opf us who don't want to tax their brains too much while on vacation know approximate what they are paying for an item without using a calculator. That said, most vendors will have calculators so you can be more accurate or you can always carry a "credit card" size calculator in your wallet or purse. |
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