According to the Wall Street Journal, in March of 2020 the exchange rate between the Australian dollar (AUD) and the USD was USD 0.55 = 1 AUD. In September of 2020 that exchange rate had changed to USD 0.72 = 1 AUD. Which of the following best describes the change in the value of the US dollar against the Australian dollar?

Where applicable, round to FOUR decimal places in your work.

Group of answer choices

None of the other answers are correct.

The USD depreciated by 23.61% against the AUD during this time.

The USD appreciated by 23.61% against the AUD during this time period.

The USD appreciated by 30.91% against the AUD during this time period.

The USD depreciated by 30.91% against the AUD during this time period.