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## Award in Mathematics -

## Number and Measure (Level 1)

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## Topic 26: Exchange rates

When money is exchanged from one currency into another, this is done according to an exchange rate.

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Here is an exchange rate for changing pounds into US dollars, or the other way around.

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This exchange rate is a ratio, which tells you how many times more valuable 1 pound is than 1 dollar.

In this case, the ratio is 1 : 1.29

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1 pound is worth 1.29 dollars.

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When changing pounds into dollars you should multiply by 1.29.

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When changing dollars into pounds you should divide by 1.29.

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To remember whether to multiply or divide, ask yourself: do you expect the number you end up with to be greater or smaller than the number you started with?

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