Currency Conversion Questions
Learn how not to fear currency conversion questions with JobTestPrep's tips and guidelines.
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Interpreting currency exchange tablesUsually, currency exchange data is presented in tables. The first type of currency table simply specifies other currencies with respect to one currency whose value is assumed 1. In this case the table's title would be : "Currency exchange rates per "x".
Other, similar tables would have the following form:
In the above table, looking at the first value: 1 AUD is worth 0.651 GBP, and 1 gbp is worth 1.5354 AUD.
In the above table, 1 AED is worth 0.272300 USD, and 1 USD is worth 3.6724 AED.
And finally, another popular table includes a group of currencies which are compared to each other within the table's columns. This table is sometimes more confusing at first, but learning its concept is fairly easy:
To avoid confusions, focus on columns.
For example, if we look at the first column, it displays the value of 1 USD compared to other currencies. In this case, USD is weaker than all other currencies as it is worth less than 1 of each, with GBP being the strongest.
Moving on to column 2, we see that 1 GBP is worth 1.63887 USD, etc.
Currency exchange question example“If 1 USD equals to 0.7155 EUR, what is the value of 100 EUR in USD?”
To solve this, the required amount should be divided by the provided exchange rate:
100 : 0.7155 = 139.76 USD
The same solution should be applied to the question “What is the value of 1 EUR in USD?”
1 : 0.7155 = 1.3976 USD
Applying this pattern you can switch between any two currencies as well as using additional third currency as a converting factor.
It is important to determine the stronger currencyWhen using the sentence "USD to GBP conversion rate is" we actually mean that with each USD you can buy x GBP, with USD assumed to have a value of 1.
1 USD = 0.7155 EUR. The EUR is stronger than the USD. When compared to 1 USD its value is lower than 1.
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