The following table lists monthly foreign exchange rates between the U.S. dollar and the Canadian dollar (in $/US$) for 2008 (this is CANSIM II series V41589522).

a. Which month would have been the best month to convert Canadian dollars into U.S. dollars? Which month would have been the worst?

b. Did the Canadian dollar appreciate or depreciate in 2008?

c. What was the percentage appreciation or depreciation of the Canadian dollar?

d. If you convert the monthly observations into an annual observation (by taking the arithmetic average), how representative will the annual observation be of the exchange rate during 2008?

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January February March April May June July August September October November December 1.011132 0.999086 1.002025 1.013886 0.999371 1.016733 1.012695 1.054395 1.058295 1.184750 1.218174 1.234500⁰