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Chapter 15: Problem 2

If the exchange rate is 1 dollar \(=Y 129(\text { yen })\) and the price of a Japanese good is \(¥ 7,740,\) what is the equivalent dollar price?

Short Answer

Expert verified
The equivalent dollar price for a Japanese good priced at ¥ 7,740 is approximately $60.

Step by step solution

01

Understand the given information

The given information tells us the conversion rate between yen and the dollar, which is 1 dollar equals 129 yen. Also, we know the price of the Japanese good in yen, which is ¥ 7,740.
02

Establish conversion equation

To find out the price of the good in dollars, we need to establish the following conversion equation: \(Dollars = \frac{Yen}{Conversion Rate}\) where the conversion rate is given as 129 yen/dollar.
03

Substitute the given Yen amount into the equation

Next, substitute the known value for yen, which is ¥ 7,740, into the established equation: \(Dollars = \frac{7,740 Yen}{129 \ yen/dollar}\)
04

Solve for the price in dollars

By dividing 7,740 by 129, we obtain the equivalent price in dollars.

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