Above given four currencies represents the following: US Dollar, Singapore Dollar, UK Pound and Euro. Following is the order of their valuations: UK pound > US Dollar > Euro > Singapore Dollar.
A person wants to buy 800 barrels of oil. The payment can be made either in US dollars or in Euros. If the payment is made in Euros, then it would be 47 Euros per barrel while if one pays in US dollars, the rate would be 29 US dollars per barrel. How much money will he save if he goes for the cheaper deal?