Subjects finance

Salary Comparison 695278

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1. **State the problem:** We need to compare two job salaries given in different currencies to determine which job offer has the highest salary. 2. **Given data:** - Milan job salary: €55000 per year - Boston job salary: 64000 dollars per year - Exchange rates: £1 = $1.42 and £1 = €1.25 3. **Goal:** Convert both salaries to the same currency to compare them fairly. We will convert both salaries to British pounds (£) because we have exchange rates for both currencies to pounds. 4. **Formula:** To convert from one currency to pounds, use $$\text{Amount in £} = \frac{\text{Amount in foreign currency}}{\text{Exchange rate (foreign currency per £)}}$$ 5. **Convert Milan salary to pounds:** $$\text{Salary in £} = \frac{55000}{1.25} = 44000$$ 6. **Convert Boston salary to pounds:** $$\text{Salary in £} = \frac{64000}{1.42} \approx 45070.42$$ 7. **Compare salaries in pounds:** - Milan: £44000 - Boston: £45070.42 8. **Conclusion:** The Boston job offer has a higher salary when converted to pounds. **Final answer:** The Boston job offer has the highest salary.