question archive In the days when people got prices of financial assets from newspapers, it was common to only report a currency exchange rate only one way, because space was limited
In the days when people got prices of financial assets from newspapers, it was common to only report a currency exchange rate only one way, because space was limited
Subject:EconomicsPrice: Bought3
In the days when people got prices of financial assets from newspapers, it was common to only report a currency exchange rate only one way, because space was limited. However, with the internet, paper space is not an issue, so exchange rates can be reported in two ways: how many of currency A it takes to buy one of currency B, or how many of currency B it takes to buy one of currency A.
Suppose today's exchange rate of US dollars per British pound sterling is 1.36, meaning that it takes that many dollars to buy one British pound. How many pounds does it take to purchase one US dollar? Enter your answer to two decimal places and don't include the pound symbol.
