Early in June 1983, it took 240 Japanese yen to equal $1. In June 2015, that exchange rate had fallen to 95 yen to $1. Assume that the price of a Japanese-manufactured automobile was $12,000 in June 1983 and that its price changes were in direct relation to exchange rates.

Has the price, in dollars, of the automobile increased or decreased during the 32-year period because of changes in the exchange rate? (increase or decreased)

What would the dollar price of the automobile be in June 2015, again assuming that the car's price changes only with exchange rates? Round your answer to the nearest cent. Do not round intermediate calculations.

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To determine whether the price of the automobile has increased or decreased during the 32year period ... View the full answer