Question

if the exchange rate is 1 usd = 0.65 gbp, how many british pound sterling are needed to obtain 520 usd without a transaction fee? 858 gbp 800 gbp 520 gbp 338 gbp

Explanation:

Step1: Understand the exchange rate

We know that 1 USD = 0.65 GBP, but we need to find how many GBP are needed to get 520 USD. Wait, actually, if we want to get 520 USD, and 1 USD costs 0.65 GBP, then we need to find the amount of GBP required. Wait, no, wait. Wait, the exchange rate is 1 USD = 0.65 GBP, which means to get 1 USD, you need 0.65 GBP? Wait, no, that's not right. Wait, maybe I got it reversed. Wait, actually, exchange rate 1 USD = 0.65 GBP means that 1 US dollar is equal to 0.65 British pounds. So if you want to buy USD with GBP, then to get 1 USD, you pay 0.65 GBP? Wait, no, that would mean that GBP is stronger than USD. Wait, maybe the problem is that we need to find how many GBP are needed to obtain 520 USD. Wait, let's re-express. Let's let x be the amount of GBP needed. Then, since 1 USD = 0.65 GBP, then 520 USD would be 520 0.65 GBP? Wait, no, that would be if we are converting USD to GBP. But the question is, how many GBP are needed to obtain 520 USD. So if 1 USD costs 0.65 GBP, then to get 520 USD, we need 520 0.65 GBP? Wait, no, that can't be. Wait, maybe the exchange rate is 1 GBP = 1/0.65 USD. Wait, maybe I made a mistake. Let's check. If 1 USD = 0.65 GBP, then 1 GBP = 1 / 0.65 ≈ 1.5385 USD. So to get 520 USD, we need 520 / (1 / 0.65) = 520 0.65? Wait, no, that's the same as before. Wait, no, let's think again. Suppose the exchange rate is 1 USD = 0.65 GBP. So if you have 1 USD, you can exchange it for 0.65 GBP. Conversely, if you want to get 1 USD, you need to pay 0.65 GBP? No, that would mean that GBP is worth less than USD. Wait, no, 0.65 GBP is less than 1 USD, so that would mean that USD is stronger. So 1 USD = 0.65 GBP means that 1 US dollar is equal to 0.65 British pounds. So if you want to buy 520 USD, you need to pay 520 0.65 GBP? Wait, no, that would be if you are converting USD to GBP. Wait, the question is: "how many British pound sterling are needed to obtain 520 USD without a transaction fee?" So we need to find the amount of GBP required to buy 520 USD. So if 1 USD costs 0.65 GBP, then 520 USD would cost 520 0.65 GBP. Let's calculate that. 520 0.65. Let's compute 500 0.65 = 325, and 20 0.65 = 13, so total is 325 + 13 = 338. Wait, but that's one of the options. Wait, but let's check again. Wait, maybe the exchange rate is 1 GBP = 1/0.65 USD ≈ 1.5385 USD. So to get 520 USD, we need 520 / (1 / 0.65) = 520 * 0.65 = 338 GBP. So that's the calculation.

Step2: Calculate the amount

So we need to multiply 520 by 0.65. Let's do that: 520 0.65. 520 0.6 = 312, 520 * 0.05 = 26, so 312 + 26 = 338. So the amount of GBP needed is 338.

Answer:

338 GBP (the option with 338 GBP)