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Love your lectures but I am really struggling with the decision of when to divide or multiple for calculation. Is there a rule that I can apply?
Always, the exchange rate means that so many of the first currency is one of the second.
So…..if you are given an exchange rate $/£ 1.60, it means that 1.60 $’s is equal to 1 $
So if you are converting from $’s to £’s then you divide by 1.60.
If you are converting from £’s to $’s then you multiply by 1.60.
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