4. Suppose one euro () costs $1.20 on January 1 and on March 1, one euro costs $1.15. i) Has the dollar appreciated or depreciated against the euro over this time period? ii) If a U.S. rm wanted to purchase goods from a German rm and the total value of goods is 254,000, how much would the rm save by purchasing the goods on March 1 compared to buying them on January 1? iii) If on January 1 the rm knew exactly what the exchange rate was going to be on March 1, would it have hedged using a. forward rate of $1.16 per euro