Suppose the GDP of Australia is 100,000 AUD and the exchange rate between AUD and USD is 1.34 AUD=$1. What is the GDP of Australia when measured in USD? Round your answer to the nearest hundredth.
Question
Suppose the GDP of Australia is 100,000 AUD and the exchange rate between AUD and USD is 1.34 AUD=$1. What is the GDP of Australia when measured in USD? Round your answer to the nearest hundredth.
Solution
To convert the GDP from AUD to USD, you need to divide the GDP in AUD by the exchange rate.
Here are the steps:
- Identify the GDP in AUD: 100,000 AUD
- Identify the exchange rate: 1.34 AUD = $1
- Divide the GDP in AUD by the exchange rate: 100,000 AUD ÷ 1.34 AUD/$1 = 74,626.87 USD
So, the GDP of Australia when measured in USD is approximately $74,626.87.
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