Solution:

We are given that 1 British pound = 1.23 U.S. dollars on March 8, 2017.

(a) Conversion from pounds to dollars:

To find how much 178.98 pounds is worth in dollars: $\text{Dollars} = \text{Pounds} \times \text{Exchange rate}$ $\text{Dollars} = 178.98 \times 1.23 = 220.1554$ Rounding to the nearest hundredth: $\text{Dollars} = 220.16$

(b) Conversion from dollars to pounds:

To find how much 29.11 dollars is worth in pounds: $\text{Pounds} = \frac{\text{Dollars}}{\text{Exchange rate}}$ $\text{Pounds} = \frac{29.11}{1.23} = 23.6618$ Rounding to the nearest hundredth: $\text{Pounds} = 23.66$

Final Answers:

(a) 178.98 pounds is worth 220.16 dollars.
(b) 29.11 dollars is worth 23.66 pounds.

Would you like more explanation or have any questions?

Related Questions:

1. What is the formula for currency conversion, and why is it useful?
2. How can you round numbers effectively in financial calculations?
3. What are exchange rates, and how do they fluctuate over time?
4. If 200 pounds were converted to dollars at 1.23, what would the result be?
5. How would the answers change if the exchange rate was 1.20 instead of 1.23?

Tip: Always double-check the rounding to ensure your financial results are precise!