1. **State the problem:** We want to convert 138.75 pounds to euros given the exchange rate 1 euro = 0.8338 pounds. 2. **Formula:** To convert pounds to euros, use the formula: $$\text{euros} = \frac{\text{pounds}}{\text{pounds per euro}}$$ 3. **Apply the formula:** Substitute the values: $$\text{euros} = \frac{138.75}{0.8338}$$ 4. **Calculate:** $$\text{euros} = 166.38$$ 5. **Interpretation:** 138.75 pounds is approximately 166.38 euros at the given exchange rate.