Reading 54: Pricing and Valuation of Forward Contracts free, understand, confusion, represent

ajpheif16

Guys, I need some help on this topic too, on reading 54 Example 5:
my confusion:
1. what does $1.76/1.062 represent? I understand foward rate= $1.76/1.062*1.051=$1.7418, but what does $1.76/1.062 represent?
2. “Use it to buy 1/1.062= 0.9416 pounds”, what does this represent? use 1 pound devide by rate in UK risk free rate? what does this really mean?
CAN SOME ONE HELP ME PLZZZ?