Refer to Table.
a. On June 30, 2013, you purchased a British pound–denominated CD by converting $ 1 million to pounds at a rate of 0.6598 pounds for U.S. dollars. It is now July 31, 2013. Has the U.S. dollar appreciated or depreciated in value relative to the British pound
b. Using the information in part (a), what is your gain or loss on the investment in the CD? Assume no interest has been paid on the CD.