Suppose the GDP of the entire European Union is 485,000 euros and the exchange rate between euros and USD is 0.86 euros=$1. What is the GDP of the European Union when measured in USD? Round your answer to the nearest hundredth.
Question
Suppose the GDP of the entire European Union is 485,000 euros and the exchange rate between euros and USD is 0.86 euros=$1. What is the GDP of the European Union when measured in USD? Round your answer to the nearest hundredth.
Solution
To convert the GDP from euros to USD, you need to divide the amount in euros by the exchange rate. Here are the steps:
- Identify the GDP in euros: 485,000 euros
- Identify the exchange rate: 0.86 euros = $1
- Divide the GDP in euros by the exchange rate to get the GDP in USD: 485,000 euros / 0.86 euros/564,534.88
So, the GDP of the European Union when measured in USD is approximately $564,534.88.
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