Q:

What is the formula to convert currency?

A:

Quick Answer

To convert currency, obtain the current exchange rate, and divide one by the rate. The resulting number shows the value of one unit of currency in relationship to another.

Know More
What is the formula to convert currency?
Credit: Leanna Rathkelly Photographer's Choice Getty Images

Full Answer

  1. Obtain the current exchange rate

    Find the exchange rate for the currency pair in question. Bloomberg provides a listing of pairings for major currencies.

  2. Divide one by the rate

    Divide one by the rate obtained in the previous step. The formula used in this step is that the Y-to-X exchange rate is equal to one divided by the X-to-Y exchange rate.

  3. Use the answer to determine the new rate

    Use the answer from the previous step to understand the value of one unit of the "Y" currency expressed in the "X" currency.

Learn More

Related Questions

  • Q:

    Where do you take an undated 20 pence piece to determine its monetary worth?

    A:

    Undated 20 pence coins should be taken to the London Mint Office or other reputable coin dealers to determine their worth. In 2009, the London Mint Office, which is unrelated to the Royal Mint, offered recipients of the undated coin 50 GBP for the 20 pence coins.

    Full Answer >
    Filed Under:
  • Q:

    What currency is used in the Caribbean?

    A:

    The island nations of the Caribbean use several different currencies, including the U.S. dollar, the Eastern Caribbean dollar and the Euro. Although the official currency varies from country to country, most merchants in the Caribbean accept the U.S. dollar, regardless of its official status.

    Full Answer >
    Filed Under:
  • Q:

    What is a bitcoin?

    A:

    Bitcoin is a digital cryptocurrency that was established in 2009 by an anonymous person with the assumed name Satoshi Nakamoto. It is a peer-to-peer consensus network that allows people to send or receive money anonymously over the Internet. As of 2014, all transactions are direct, so no banks or other third-party services are involved. Some people buy bitcoins as an investment strategy, hoping for the value to grow.

    Full Answer >
    Filed Under:
  • Q:

    How much is a doubloon worth?

    A:

    While most genuine Spanish doubloons are museum pieces, each one was minted as a 7-gram piece of gold, which at today's rates would sell for about $289. However, various dealers offer pieces from a wide range of dates at prices ranging from $2,500 to $4,500.

    Full Answer >
    Filed Under:

Explore