Companies that compete globally must pay attention to exchange rates between currencies. The exchange rate between two currencies depends on a variety of factors including each country’s gross domestic product, rate of economic growth, interest rate, and rate of unemployment. Consider the case of one U.S. dollar and one Euro with the following exchange rate: 1.00 U.S. dollar = 0.95 Euros.

If a company in the United States sells its product in Germany for €50 (50 Euros), what is that revenue worth in U.S. dollars? To convert €50 to U.S. dollars at the exchange rate of 1.00 U.S. dollar = 0.95 Euros, we solve the following equation for x:

This results in x = 50 / 0.95 = $52.63. So, €50 is equal to 52.63 U.S. dollars. The file globalrevenue contains 299 payments received by a company in the United States, paid in various currencies. Also given in the file are the exchange rates for one U.S. dollar for 53 different currencies. For each payment, the order number, the amount of the payment and the currency of the payment are given.

a. Using the XLOOKUP function to find the relevant exchange rate, convert each payment to U.S. dollars. Round the U.S. dollars to two decimal places using the ROUND function. Note that to place the rounded value of cell D2 in cell E2, type into cell E2 the following function 5ROUND(D2,2). What was the U.S. dollar value of Order #1039?

b. Use the SUM function and the rounded values to calculate the total dollar amount received from the 299 orders in U.S. dollars. What is the total amount received in U.S. dollars?

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x $1 50 0.95