Question: Problem 1 ( 10 Points ) In 2011, the spot rate of exchange between the Turkish lira (TI) and the euro was 2.016 TI/E. I

Problem 1 ( 10 Points ) In 2011, the spot rate of exchange between the Turkish lira (TI) and the euro was 2.016 TI/E. I 2012, the rate was 2.348 T1/E. Based on this information, did the euro appreciate or depreciat relative to the Turkish lira? What was the amount, in percentage-change terms, of th appreciation/depreciation

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