2 Calculate the percentage appreciation or depreciation of sterling against the euro over the previous year. Calculate the percentage appreciation or depreciation of the euro against sterling 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.