On January 1, 2002, there were 15 member countries in the European Union. Twelve of those countries

Question:

On January 1, 2002, there were 15 member countries in the European Union. Twelve of those countries eliminated their own individual currencies and began using a new common currency, the euro. For a three-year period from January 1, 1999, through December 31, 2001, these 12 countries priced goods and services in terms of both their own currencies and the euro. During that period, the values of their currencies were fixed against each other and against the euro. So during that time, the dollar had an against each of these currencies and against the euro. The following table shows the fixed exchange rates of four European currencies against the euro and their exchange rates against the U.S. dollar on March 2, 2001. Use the information in the table on the next page to calculate the between the dollar and the euro (in euros per dollar) on March 2, 2001.

Units per Units per U.S. Dollar Euro (fixed) (as of March 2, 2001) 1.9558 6.5596 1,936.2700 200.4820 Currency German mar

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...