Exchange Rate Fun Calculation!
What is the exchange rate between the Canadian dollar and the euro?
Currently, $1 will buy C$1.36 while $1.19 will buy €1. What is the exchange rate between the Canadian dollar and the euro?
A. C$1 = €0.735
B. C$1.36 = €1.19
C. C$1 = €1.19
D. C$1.36 = €0.6179
E. C$1 = €0.6179
Final answer: C$1 = €0.6179
Answer
The exchange rate between the Canadian dollar and the euro is C$1 = €0.6179
Detailed Explanation
To calculate the exchange rate between the Canadian dollar (C$) and the euro (€), we use the given US dollar conversions. First, we know that $1 US converts to C$1.36 and US$1.19 converts to €1.
Next, we set up a proportion to find the exchange rate between C$ and €:
US$1 / C$1.36 = US$1.19 / €1
Solving for the value of 1 Euro in Canadian dollars:
€1 = C$1.36 * (US$1.19 / US$1)
€1 = C$1.6192
Finally, to express the value of 1 Canadian dollar in euros, we take the reciprocal:
C$1 = €1 / C$1.6192
Therefore, the correct exchange rate is C$1 = €0.6179 (rounded to 4 decimal places).