Question

Given that £1 equals 1.25 dollars, the step-by-step explanation for finding the value of 1 euro is as follows:

Option:
A) To get the value of 1 dollar: 1/1.25=£0.8
B) If 1 euro equals 1.07 dollars, and 1 dollar is equal to £0.8, then 1.07 dollars=1.07×0.8=£0.856
C) Setting up the equation 1.07 dollars=£1=x euros and cross-multiplying the last two parts: £0.856×x euros=£1×1 euro
D) Solving for x: x=1/0.856=1.1682242990654
E) Rounding off to 2 decimal places, x=1.17

Answer 1

To convert euros to pounds based on provided exchange rates, first calculate the value of one dollar in pounds, then use the euro to dollar exchange rate to convert euros to pounds, finally solving for the euro value in pounds and rounding to two decimal places.

Step-by-step explanation:

The value of 1 euro in terms of British pounds given the exchange rates for the pound and the dollar can be found through a series of calculations. First, we find the value of 1 dollar in pounds: 1 ÷ 1.25 = £0.8. Using the exchange rate for the euro to the dollar (1 euro = 1.07 dollars), we then convert dollars to pounds: 1.07 dollars = 1.07 × £0.8 = £0.856. To find the value of one euro in pounds, we set up the ratio 1.07 dollars = £1 = x euros and cross-multiply the last two parts of the equation: £0.856 × x euros = £1 × 1 euro. Solving for x, we get x = 1 ÷ 0.856 = 1.1682242990654 euros. Finally, we round off to 2 decimal places yielding x = 1.17 euros.