On May 20, 2015, the exchange rate of U.S. dollars for Australian dollars was 0.7794. It is

Question:

On May 20, 2015, the exchange rate of U.S. dollars for Australian dollars was 0.7794. It is now June 15, 2015. A U.S. made big screen TV costs $3,500 over the entire period. Has the U.S. dollar appreciated or depreciated in value relative to the Australian dollars? Is it cheaper or more costly for an Australian citizen to buy the TV (converting Australian dollars into U.S. dollars) on June 15, 2015? What is the Australian citizen’s A$ gain or loss on the purchase of the TV if she waits to buy on June 15?

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...

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