Suppose it costs c $260 to purchase us $243.23 .What is exchange rate ?
260/243.23 = 1/x
Cross multiply and solve for x.
x=0.82
594.5
To find the exchange rate, which represents how many units of one currency can be exchanged for another, we need to divide the amount in US dollars ($243.23) by the cost in local currency ($260). This will give us the value of one unit of the local currency in US dollars.
Exchange rate = Amount in US dollars / Cost in local currency
Exchange rate = $243.23 / $260 ≈ 0.936
So, the exchange rate is approximately 0.936. This means that 1 unit of the local currency is worth 0.936 US dollars.