Suppose the U.S. dollar appreciates for a period of time and then returns to its initial level.

Question:

Suppose the U.S. dollar appreciates for a period of time and then returns to its initial level. Compare a 10 percent appreciation that lasts for 2 years and a 50 percent appreciation that lasts 6 months.
a. Which of these events hurts U.S. exporters more? Explain.
b. How would the answer be different if currency futures did not exist?