Marcellus is traveling abroad in Ghana and using travelers's checks, which he has acquired from Easy Traveler's Savings Bank. Easy Traveler's savings bank charges a 7% fee on traveler 's checks, which can then be used like cash at any location overseas at any location overseas at the same exchange rate. and any change will then be returned to Marcellus in local currency. For this trip,Marcellus bought a 651 Cedi traveler's check and paid a fee of 32.30 USD (united States Dollars) for the check.
WHile in Ghana, Marcellus finds Leon's Pawnshop and Barter, which offers store credit for Marcellus's briefcase equal to its value in Cedis. IF marcellus's briefcase in worth 5,000 USD at the same exchange rate at which he bought his traveler's check, then how much store credit,to the closest Cedi,will Marcellus receive for the briefcase?

Answer

To solve the problem step by step, we will follow these calculations:

### Step 1: Understand the fee structure
Marcellus paid a 7% fee to acquire a traveler's check worth 651 Cedi. The fee he paid was 32.30 USD.

### Step 2: Calculate the relationship between the fee and the traveler's check
Since the fee is 7% of the total amount of the traveler's check, we can set up the equation:
\[ \text{Fee} = 7\% \text{ of } 651 \text{ Cedi} \]
This can be expressed mathematically as:
\[ 0.07 \times 651 = 32.30 \text{ USD} \]

### Step 3: Calculate the value of 1 USD in Cedi
From the previous step, we can find out how much 1 USD is worth in Cedi. We know that:
\[ 32.30 \text{ USD} = 0.07 \times 651 \text{ Cedi} \]
Calculating \(0.07 \times 651\):
\[ 0.07 \times 651 = 45.57 \text{ Cedi} \]
Thus, we can find the exchange rate:
\[ 1 \text{ USD} = \frac{45.57 \text{ Cedi}}{32.30 \text{ USD}} \]

### Step 4: Calculate the value of the briefcase in Cedi
Now, we need to find out how much Marcellus's briefcase, which is worth 5,000 USD, is worth in Cedi. We can use the exchange rate we just calculated:
\[ \text{Value in Cedi} = 5,000 \text{ USD} \times \frac{45.57 \text{ Cedi}}{32.30 \text{ USD}} \]

### Step 5: Perform the multiplication
Calculating the above expression:
\[ \text{Value in Cedi} = 5,000 \times \frac{45.57}{32.30} \]
\[ \text{Value in Cedi} = 5,000 \times 1.411 \approx 7,054 \text{ Cedi} \]

### Conclusion
Thus, Marcellus will receive approximately **7,054 Cedi** as store credit for his briefcase.

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