Suppose the current exchange rate is $1.09 U.S. dollars per 1 euro and you have $422 U.S. dollars. After a no-fee exchange, how many euros would you have?(Round your answer to 2 decimal places, and don't include the dollar sign.)
Question
Suppose the current exchange rate is 422 U.S. dollars. After a no-fee exchange, how many euros would you have?(Round your answer to 2 decimal places, and don't include the dollar sign.)
Solution
To calculate how many euros you would have after a no-fee exchange, you need to divide the amount of U.S. dollars you have by the current exchange rate.
Here are the steps:
- Identify the amount of U.S. dollars you have, which is $422.
- Identify the current exchange rate, which is $1.09 U.S. dollars per 1 euro.
- Divide the amount of U.S. dollars by the exchange rate: 422 / 1.09.
Let's do the calculation:
422 / 1.09 = 387.1559633027523
Rounding this to two decimal places gives you 387.16 euros. So, after a no-fee exchange, you would have 387.16 euros.
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