How to convert pesos to dollars

7.2 Currency calculation: Determine currency amounts: Euro => foreign currency

Gold donkey: Notes on the tasks

The tasks

For these tasks, amounts in euros must be converted into a foreign currency at a given exchange rate:

Find out the amounts!

taskResult
1st task given: amount: 44,250.00 €, rate: 23.1817
wanted: Amount in MXN (Mexican peso)
Result: MXN
2nd task given: amount: 3,750.00 €, rate: 1.5443
wanted: Amount in CAD (Canadian dollar)
Result: CAD
3rd task given: amount: 41,500.00 €, rate: 7.3806
wanted: Amount in HRK (Croatian kuna)
Result: HRK
4th task given: amount: 33,000.00 €, rate: 1.5834
wanted: Amount in SGD (Singapore dollar)
Result: SGD
5th task given: amount: 24,250.00 €, rate: 25.777
wanted: amount in CZK (Czech koruna)
Result: CZK

To understand

All exchange rates refer to the euro. Details like

US dollar (USD) = 1.4373
Japanese yen (JPY) = 115.20
Bulgarian lev (BGN) = 1.9558
Czech koruna (CZK) = 24,213

means that 1 euro equals $ 1.4373 USD or JPY 115.20, and so on.

The formula

To calculate the corresponding amount in a foreign currency, one uses the fact that the currency conversion involves simple ratio equations or rule of three problems with a straight or proportional ratio.

For example, the text of a task could be:

How much USD do you get for 10,000 euros if you get 1.4373 US dollars for 1 euro?

The relationship equation for this looks like this:

1 euro = 1.4373 USD
10,000 euros = x USD

Formula for amount in USD
Amount in USD = Amount in euros · Exchange rate USD
1 €
Solution of the sample problem
$ 14,373.00 = € 10,000 · 1.4373 USD
1 €

Since the reference value for the conversion is always 1 euro, it can be omitted because it does not change the result mathematically, so that you can remember as a formula:

Amount in foreign currency = amount in euros · exchange rate

In the detailed notation, however, it becomes clear how the unit of the calculation result comes about.

If necessary, round the result to two places!

Good luck with your practice.