How do you convert between these currencies?
Converting between currencies is very similar to converting between other units of measures. The major difference is that the conversion factor of measurements is constant but the exchange rate of currencies changes.
1 foot = 12 inches
Multiply by 12 to change from feet to inches. Divide by 12 to change from inches to feet.
The same method is used to convert from pounds to dollars!
If the current exchange rate of pounds to dollars is
1 pound = 1.42 dollars (May 2021 rate)
then multiply by 1.42 to change pounds to dollars. Divide by 1.42 to change dollars to pounds.
Sample Math Problems
Problem
Convert £50 to dollars using the exchange rate 1 pound = 1.42 dollars
Solution
The exchange rate is a ratio between the value of pounds and dollars so we can solve by finding the equivalent ratio to 1 pound : 1.42 dollars when pounds is 50. Multiplying 1 pound times 50 will equal 50 pounds. If one side of the ratio is multiplied by 50 then the other side is as well.
£1 x 50 : $1.42 x 50
£50 : $71
50 pounds equals $71 dollars.
Problem
Convert $50 to pounds using the exchange rate 1 pound = 1.42 dollars round to the nearest cent.
Solution
The exchange rate is a ratio between the value of pounds and dollars so we can solve it by finding the equivalent ratio to 1 pound : 1.42 dollars when dollars is 50. Find the number when multiplied by 1.42 will equal 50.
1.42 x ? =50
50 d 1.42 = 35.2112676056 which rounds to 35.21
35.21 x 1.42 ~ 50
If one side of the ratio is multiplied by 35.21 then the other side of the ratio is as well.
£1 x 35.21 : $1.42 x 35.21
£35.21 : $50
50 dollars equals 35.21 pounds
Problem
Olivia is planning a trip to San Francisco. She has budgeted £40 per night for a hotel room. The hotel she plans to stay at costs $60 per night. Will she stay under budget?
Solution
The conversion can be done in either direction, as long as both units end up the same. Since Olivia is used to comparing and thinking in pounds, we will change dollars to pounds.
£1: $1.42
? x 1.42 = 60
60 / 1.42 = 42.25
£1 x 42.25 : $1.42 x 42.25
£42.25 : $60
£42.25 > £40
No, Olivia will not stay under budget.
Problem
Liam is planning a trip to London. He has budgeted $90 per night for a hotel room. The hotel he plans to stay at costs £60 per night. Will he stay under budget?
Solution
The conversion can be done in either direction, as long as both units end up the same. Since Liam is used to comparing and thinking in dollars, we will change pounds to dollars.
£1: $1.42
£1x60: $1.42x60
£60: $85.20
$85.20 < $90
Yes, Liam will stay under budget.
