The Rand

Most countries in the world have their own currency.  The word “currency” can mean several different things but in this case it means money.  Use a dictionary to look up some of the other meanings of the word currency and add it to your Daily Five Word Work.

In South Africa they call the name of their money “rand”.  Like a US dollar it is divided into 100 cents.  Coins come in 5, 10, 20, 50 cents and also in 1, 2, and 5 rand pieces.  How is that different than the coins that we have in one dollar?  Bills, or paper money, also can be called notes and start with a 10 R note, and also includes 20, 50, 100, and 200 rand bills.  Their paper money is very colorful and includes drawings of some of the wild animals which live in South Africa.

South African Rand

photo credit:  www.123rf.stock-photo/rand.html

Money is not always worth the same from day to day and country to country.  Banks use something called the exchange rate to show how much something is worth or valued in relation to something else.  Tonight one dollar is worth 8.0497 R.  Tomorrow it may be worth a slightly different amount.  Usually it doesn’t change a whole lot from day to day but over time there may be a bigger difference.

R is the symbol for a South African rand like $ is the symbol for US Dollar.  Banks also use another code for the US dollar, which is USD and they use ZAR for the rand.  It can get quite confusing.

Do the math:  If one dollar is worth about 8 rand how much is each rand worth in US cents?

Notice I rounded the rand to a whole number.  Did I round down or up?

Now exchange some currency in reverse.  If you have 50 cents in rand how many cents of a dollar will you have?

Can you come up with some other currency exchange problems to solve?

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