In France, grapes are 1.95 euros per kilogram. What is the cost of grapes, in dollars per pound, if the exchange rate is 1.14 dollars/euro?

Verified step by step guidance

1. Step 1: Convert the cost of grapes from euros per kilogram to dollars per kilogram using the exchange rate. Multiply the given cost in euros (1.95 euros/kg) by the exchange rate (1.14 dollars/euro). The formula is: $\mathrm{Cost}=1.95\times 1.14$ dollars/kg.
2. Step 2: Convert the cost from dollars per kilogram to dollars per gram. Since 1 kilogram equals 1000 grams, divide the cost in dollars per kilogram by 1000. The formula is: $\mathrm{Cost}=\frac{\mathrm{Cost} (\mathrm{dollars}/\mathrm{kg})}{1000}$ dollars/gram.
3. Step 3: Convert the cost from dollars per gram to dollars per pound. Since 1 pound equals 453.592 grams, multiply the cost in dollars per gram by 453.592. The formula is: $\mathrm{Cost}=\mathrm{Cost} (\mathrm{dollars}/\mathrm{gram})\times 453.592$ dollars/pound.
4. Step 4: Combine all the conversions into a single calculation for simplicity. The overall formula is: $\mathrm{Cost}=1.95\times 1.14\times 453.592/1000$ dollars/pound.
5. Step 5: Perform the calculation step by step to find the final cost of grapes in dollars per pound. Ensure proper unit cancellation at each step to verify the correctness of the conversion.

Key Concepts

Currency Conversion

Currency conversion is the process of exchanging one currency for another based on the current exchange rate. In this case, to convert the price of grapes from euros to dollars, you multiply the euro price by the exchange rate. Understanding how to apply exchange rates is crucial for accurate financial calculations in international contexts.

Weight Conversion

Weight conversion involves changing a measurement from one unit to another, such as from kilograms to pounds. Since the price of grapes is given in euros per kilogram, it is necessary to convert kilograms to pounds to find the cost per pound. Knowing the conversion factor (1 kilogram equals approximately 2.20462 pounds) is essential for this calculation.

Unit Pricing

Unit pricing refers to the cost of a product per standard unit of measurement, which allows for easy comparison between different products or quantities. In this scenario, calculating the cost of grapes per pound enables consumers to understand the price relative to their preferred measurement system. This concept is important for making informed purchasing decisions.