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3. Suppose half of the U.S. trade is with Canada and the other half is with Mexico. At the start of the previous month, 1
3. Suppose half of the U.S. trade is with Canada and the other half is with Mexico. At the start of the previous month, 1 U.S. dollar could be traded for 1.25 Canadian dollars or 20 Mexican pesos. At the end of the month, these exchange rates were 1.20 and 21, respectively. Calculate the percentage change in the U.S. effective exchange rate over that month
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