In 1992, a scoop of gelato could be purchased in Italy for 1200 lire. The same gelato would have cost $\$1.50$ in the U.S. At the equivalent exchange rate between the lire and the dollar, how many dollars would be equivalent to 1,000,000 lire?
To solve this problem, I need to find the exchange rate between the lire and the dollar in 1992. One way to do that is to use the information given in the problem about the gelato prices. This ratio tells me how many lire are equivalent to one dollar. To find the exchange rate, I need to flip this ratio and simplify it. That will give me how many dollars are equivalent to one lire. Now I have the exchange rate between the lire and the dollar in 1992. To answer the question, I need to multiply this exchange rate by 1,000,000 lire. That will give me how many dollars are equivalent to 1,000,000 lire. Dividing, I get $\$1250$. Therefore, 1,000,000 lire would be equivalent to $\$1250$ at the exchange rate in 1992. 