How much would you pay for a 16-gigabyte iPhone that costs $299 U.S. dollars in Canadian dollars if 1 U.S. dollar equals $1.01018 Canadian dollar?

To find the price of a 16-gigabyte iPhone that costs $299 U.S. dollars expressed in Canadian dollars, you start by converting the U.S. price into Canadian dollars using the provided exchange rate.

The conversion is done by multiplying the price in U.S. dollars by the exchange rate. In this case, you would perform the following calculation:

1. Take the price in U.S. dollars: $299.

2. Multiply by the exchange rate: $299 * 1.01018 = $302.05.

This calculation results in a cost of $302.05 Canadian dollars for the iPhone. This amount reflects the correct conversion, enabling you to understand how currency exchange rates impact the prices of products when purchasing internationally. Thus, the final answer accurately represents the correct converted price in Canadian dollars.