If the nominal exchange rate between the American dollar and the New Zealand dollar is 1.36 New Zealand dollars per American dollar, how many American dollars are required to buy a product that costs 3.50 New Zealand dollars

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09-12-2021
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If the nominal exchange rate between the American dollar and the New Zealand dollar is 1.36 New Zealand dollars per American dollar, how many American dollars are required to buy a product that costs 3.50 New Zealand dollars

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francocanacari francocanacari · Answer 1 · 2021-12-13T11:54:06+01:00

2.57 American dollars are required to buy a product that costs 3.50 New Zealand dollars.

Given that the nominal exchange rate between the American dollar and the New Zealand dollar is 1.36 New Zealand dollars per American dollar, to determine how many American dollars are required to buy a product that costs 3.50 New Zealand dollars, the following calculation must be performed:

1.36 = 1
3.50 = X
3.50 x 1 / 1.36 = X
3.50 / 1.36 = X
2.57 = X

Therefore, 2.57 American dollars are required to buy a product that costs 3.50 New Zealand dollars.

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