3 Does the percentage appreciation or depreciation of sterling in (1) equal the euro depreciation or appreciation in (2) multiplied by negative one? Explain your answer. (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.