Question: Problem 1 ( 15 Points) In 2011, the spot rate of exchange between the Turkish lira (TI) and the euro was 2.016 T1. In 2012,

Problem 1 ( 15 Points) In 2011, the spot rate of

Problem 1 ( 15 Points) In 2011, the spot rate of exchange between the Turkish lira (TI) and the euro was 2.016 T1. In 2012, the rate was 2.348 T1/. Based on this information, did the euro appreciate or depreciate relative to the Turkish lira? What was the amount, in percentage-change terms, of the appreciation/depreciation

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