An on-line ticket site was recently offering tickets for a soccer match between Manchester United and Fulham at a price of pound129. At the time, the nominal exchange rate was pound0.618 = $1. How much did the tickets cost in dollars?

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Business

Mira Short

19 May, 18:07

An on-line ticket site was recently offering tickets for a soccer match between Manchester United and Fulham at a price of pound129. At the time, the nominal exchange rate was pound0.618 = $1. How much did the tickets cost in dollars?

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Answers (1)

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Nikhil Johnston · Answer 1

The tickets cost $208.74

Explanation:

The exchange rate is an indirect quotation from the dollar's perspective if dollar is considered to be the domestic currency.

We know that $1 = 0.618 pound

If the price of the ticked is 129 pounds, to convert it to dollars, we need to divide the pound amount by the exchange rate of dollar to pound.

Thus, 129 pounds in dollar are,

129 / 0.618 = $208.7378 rounded off to $208.74