currency problem with commisison

Question

A bank in Mississauga has a buying rate of ¥1 = C$0.01159. If the exchange rate is ¥1 = C$0.01209, calculate the rate of commission that the bank charges to buy currencies.

Answer 1

rate = (exchange - buying)  / buying

rate = (1209 - 1159) /  1159

rate = 50 / 1159

rate ≈ 0.0431

rate ≈ 4.3%