Exchange rates
Personal Finance Problem Fred Nappa is planning to take a wine-tasting tour through Italy this summer. The tour will cost 2,750 euros and includes transportation, hotels, and a guide. Fred estimates that round-trip airfare from his home in North Carolina to Rome, Italy, will be $ 1,499; he also will incur another $320 in incidental travel expenses. Fred estimates the cost of meals in Italy to be about €491, and he will take an additional $1,000 to cover miscellaneous expenditures. Currently, the exchange rate is $1.3421/€1.00 ( or €0.74510/$1.00 ).
a. Determine the total dollar cost of the trip to Italy.
b. Determine the number of euros Fred will need to cover meals and miscellaneous expenditures.