Currency Conversion

Front

What is currency conversion?

Back

Currency conversion is the process of exchanging one currency for another, typically using an exchange rate to determine the value of the currencies being exchanged.

Front

How do you calculate the value of one currency in terms of another?

Back

To calculate the value of one currency in terms of another, you multiply the amount of the first currency by the exchange rate of the second currency.

Front

If £1 is equal to $1.32, how much is £30 in dollars?

Back

£30 is equal to $39.60 (30 * 1.32).

Front

What is the formula to convert Euros to US dollars if 1 US dollar is worth 0.80 Euros?

Back

To convert Euros to US dollars, divide the amount in Euros by the exchange rate (0.80). For example, 350 Euros would be 350 / 0.80 = 437.50 US dollars.

Front

How do you convert Canadian dollars to US dollars if the exchange rate is 1 CAD = 0.77 USD?

Back

To convert Canadian dollars to US dollars, multiply the amount in CAD by the exchange rate (0.77). For example, $225 CAD would be 225 * 0.77 = $173.25 USD.

Front

What is an exchange rate?

Back

An exchange rate is the value of one currency in relation to another currency, indicating how much of one currency can be exchanged for a unit of another currency.

Front

If you have 300 pounds and the exchange rate is 1 pound = 1.13 euros, how many euros do you have?

Back

You would have 339 euros (300 * 1.13).

Front

What is the significance of knowing the exchange rate when traveling abroad?

Back

Knowing the exchange rate is important for budgeting and understanding how much money you will have in the local currency when traveling abroad.

Front

How can you find the value of 1 Euro in US dollars if 1 US dollar is worth 0.80 Euros?

Back

To find the value of 1 Euro in US dollars, take the reciprocal of the exchange rate: 1 / 0.80 = 1.25 US dollars.

Front

What is the process to convert multiple currencies in a single transaction?

Back

To convert multiple currencies, you need to convert each currency to a common currency (like USD) using the respective exchange rates, then sum the values.