Exchange Rates

What Are Exchange Rates?

Exchange rates are used to compare and convert between different currencies. They determine how much one unit of currency is worth in another.

Example Exchange Rate:

• 1 British Pound ($\pounds 1.00$) = 1.17 Euros (€1.17)
• 1 US Dollar ($\$ 1.00$) = 155.62 Japanese Yen ($\yen 155.62$)
• 1 Australian Dollar (A$\$ 1.00$) = 102.09 Japanese Yen ($\yen 102.09$)

Exchange rates fluctuate daily based on global financial markets.

 

How to Convert Between Currencies

To convert between currencies, use the exchange rate provided.

Converting from One Currency to Another

1. To convert from the base currency, multiply by the exchange rate.
2. To convert to the base currency, divide by the exchange rate.

Example 1: Converting GBP to EUR

• Exchange rate: $\pounds 1$ = €1.17
• Convert $\pounds 28$ to Euros: $$28 \times 1.17 = 32.76$$

 

Final Answer: €32.76

 

Example 2: Converting EUR to GBP

• Exchange rate: £1 = €1.17
• Convert €75 to Pounds: $$75 \div 1.17 = 64.10$$

 

Final Answer: $\pounds 64.10$ (rounded to the nearest penny)