Problem:

Middlebury Herbal Products is a producer of herbal teas, seasonings, and medicines. Their products are marketed in the United Kingdom and in many parts of Europe and Asia. Middlebury generally invoices in the British pound sterling when it sells to foreign customers in order to guard against adverse exchange rate changes. Nevertheless, it has agreed to be paid in Singapore dollars for an order from a large wholesaler in Singapore.

The amount paid today to Middlebury is 500,000 Singapore dollars. Middlebury will sell the Singapore dollars immediately, because Middlebury only wants pounds sterling.

The bank only quotes an exchange rate in US dollars ($) for the Singapore dollar (S$). Mr. Peters learns that the spot rates for the pound, the euro, and the Singapore dollar versus the US dollar are $1.5180/pound sterling, $1.0798/euro and $0.2277/S$, respectively. How many pounds sterling will Middlebury receive?

Note: Please describe comprehensively and provide step by step solution.