What are exchange rates? If a product cost 30 euros and the exchange rate was 1 euro = $1.50, then how much would the product cost in terms of U.S. dollars?
Please provide the best answer for the statement.
Exchange rates are prices at which one currency can be exchanged or traded for another currency. If the exchange rate for the euro is $1.50, it means that it takes $1.50 to buy one euro. If a German product costs 30 Euros, then its value in terms of dollars would be $45 ($1.50 x 30).
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