1 Calculate the percentage appreciation of the euro against the dollar over the previous year. Calculate the percentage appreciation of sterling against the dollar over the previous year. (20 marks)

On 24 April 2019, the €/$ exchange rate was €0.89/$ compared to €0.82/$ exactly one year before. On the same day, the £/$ exchange rate was £0.77/$ compared with £0.71/$ one year earlier.