A German firm is attempting to determine the euro/pound exchange rate and has the following exchange rate information: USD/pound = $1.5509/£ and the USD/euro rate = $1.2194/€. Therefore, the euro/pound rate must be:

Exchange rate is €1.272 per £

Explanation:

Exchange rate is defined as the amount of one currency that can be changed for another currency. This is a very important consideration in international trade where strength of a countrie's currency determines how much of the other currency will be bought.

We are given that $1.5509= £1

So $1 will be (1*1)/1.5509= £0.6448

Also $1.2194= €1

So $1 is (1*1)/1.2194= €0.82

Therefore

€0.82= £0.6448

x= £1

Cross-multiply

x= 0.82/0.6448

x= €1.272 per £

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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