Question

Suppose the GDP of the entire European Union is 350,000 euros and the exchange rate between euros and USD is 0.66 EURO=$1. What is the GDP of the European Union when measured in USD? Round your answer to the nearest hundredth.

Answer 1

the GDP of the European Union is $530,303.030

Step-by-step explanation:

The computation of the GDP of the European Union is shown below:

= Entire european union × euro ÷ exchange rate

= 350,000 euros × $1 ÷ 0.66

= $530,303.030

Hence, the GDP of the European Union is $530,303.030

We simply applied the above formula