1. **Stating the problem:** We have two exchange rates for £1: initially £1 = 1.25 euros, and later £1 = 1.20 euros. We want to find: a) How many fewer euros were received due to the delay? b) What percentage loss was caused by this delay? 2. **Formula and explanation:** - To find the difference in euros received, subtract the later rate from the initial rate. - To find the percentage loss, use the formula: $$\text{Percentage loss} = \frac{\text{Difference in euros}}{\text{Initial euros}} \times 100$$ 3. **Calculations:** - Difference in euros: $$1.25 - 1.20 = 0.05$$ So, 0.05 fewer euros were received per £1. - Percentage loss: $$\frac{0.05}{1.25} \times 100 = 4$$ So, the percentage loss is 4%. 4. **Final answers:** a) 0.05 euros fewer b) 4% loss