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In this problem, we are given exchange rates for both Philip and Julia:

- Philip is offered an exchange rate of **1 euro = 1.03 dollars**.
- Julia is offered an exchange rate of **£1 = 1.21 dollars**.

Julia is asking how much **1 pound (£1)** is worth in **euros**, using these exchange rates.

### To solve this:

1. First, express the conversion between euros and pounds using the provided exchange rates to the dollar.
   
   From Philip's rate:  
   - \( 1 \, \text{euro} = 1.03 \, \text{USD} \)
   
   From Julia's rate:  
   - \( 1 \, \text{pound} = 1.21 \, \text{USD} \)

2. Now, to find how much **1 pound is worth in euros**, we need to divide the number of dollars equivalent to **£1** by the number of dollars equivalent to **1 euro**.

   So, the formula is:

   \[
   \frac{\text{Pounds to Dollars}}{\text{Euros to Dollars}} = \frac{1.21}{1.03}
   \]

3. Let's calculate this division:

\[
1.21 \div 1.03 \approx 1.1748
\]

Thus, **£1 is worth approximately 1.175 euros**.

Would you like me to explain any specific part of this process in more detail? Here are five related questions to explore:

1. What is the concept of exchange rates, and how are they used in global trade?
2. How do you convert currencies if you are given rates for different countries but want to calculate directly between them?
3. If Philip were given a different rate (say, 1 euro = 1.05 dollars), how would that affect the calculation?
4. How can we use these rates to calculate how much €100 would be worth in pounds?
5. What factors influence exchange rates between currencies?

**Tip:** When converting between two currencies using a common third currency (like the dollar), you can always use the ratio of their exchange rates to get a direct conversion.

Julia lives in Manchester. Her brother Philip lives in Paris. They are going on holiday together to America. Philip is offered an exchange rate of 1 euro to 1.03 dollars. Julia is offered an exchange rate of £1 to 1.21 dollars. Julia says, 'Using these exchange rates, £1 is worth...' Complete Julia’s sentence. You must show all your working.

Learn how to calculate the value of £1 in euros using exchange rates. This step-by-step solution includes currency conversion formulas and applies basic division techniques. Suitable for students in Grades 6-8.

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