At time $t,1\mathrm{.}2$ USD $=1$ Pound $($$$\frac{1\mathrm{.}2}{})$ and $1\mathrm{.}5$ Euro $=1$ Pound $.$

At time $t+1,1\mathrm{.}22$ USD $=1$ Pound $($$$\frac{1\mathrm{.}22}{})$ and $1\mathrm{.}54$ Euro $=1$ Pound $.$

The pound has $($appreciated$/$depreciated$)$

against the dollar.

You must show all work $($clean and readable$)$ to earn credit. No credit will be given without

supporting work. $(1$ point$)$

The dollar has $($appreciated$/$depreciated$)$

against the pound.

You must show all work $($clean and readable$)$ to earn credit. No credit will be given without

supporting work. $(1$ point$)$

The Euro has $($appreciated$/$depreciated$)$

against the pound.

You must show all work $($clean and readable$)$ to earn credit. No credit will be given without

supporting work. $(1$ point$)$

The pound has $($appreciated$/$depreciated$)$

against the Euro.

You must show all work $($clean and readable$)$ to earn credit. No credit will be given without

supporting work. $(1$ point$)$

The Euro has $($appreciated$/$depreciated$)$

against the dollar.

You must show all work $($clean and readable$)$ to earn credit. No credit will be given without

supporting work. $(2$ points$)$

The dollar has $($appreciated$/$depreciated$)$

against the Euro.