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A tourist changes $\$ 500$ to Euros when the exchange rate is $1$euro =$1.0697$. Calculate how many Euros he receives.

Last updated date: 23rd Jul 2024
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Hint: First we have to define what the terms we need to solve the problem are.
Since there is no constant of fixed rupees worth(currencies) all over the country, many countries have their own rupees system according to their national worth in business and such other things and hence all countries' currencies are different.

Complete step by step answer:
First, we see the given things in the question which are, a tourist needs to change $\$ 500$(dollar of five hundredth) to Euros when the exchange rate is $1$Euro = $1.0697$(currency rate due to national’s worth at the business). Since one euro value is one point zero six dollar so that is how many Euros he receives when he changes five hundred dollars.
First let us take $Euro1 = \$ 1.0697$and hence let us assume the Euros as X when he changes into dollars
Then we get for five hundred dollars; therefore, $EuroX = \$ 500$(where X is the unknown Euros while he changes that into the dollar to Euros)
Hence solving further to $EuroX = \$ 500 \Rightarrow X = \dfrac{{500}}{{1.0697}}$(since one euro is the one point zero six something)
$ \Rightarrow X = \dfrac{{500}}{{1.0697}} \Rightarrow X = 467.42$(By using help of the division law operators, we yield this result)
Hence $ \Rightarrow X = 467.42$ are the required Euros when the tourist changes five hundred dollars into the Euros. Also, if we see $ \Rightarrow X = 467.42 \times 1.0697 \Rightarrow X = 500$ is the rate of conversion of Euros to dollars with respect to five hundred Euros as given which means the inverse of inverse yields the same result.

Note: As we see dollars to Euros conversion rate is $1$Euro = $1.0697$. Also one dollar to rupees conversion is multiplication of rupees into $73.25$ or dollars to rupees means $\dfrac{1}{{73.25}}$ as resultant currency.