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against the pound. At time ', $ 1.2 - 1 and 1.5 - 1. At time +1, $1.22- 1 and 1.54 = 1. The dollar

against the pound. At time "', $ 1.2 - 1 and 1.5 - 1. At time "+1", $1.22- 1 and 1.54 = 1. The dollar has appreciated/depreciated Appreciate, 1.6329 b. Deprecinte, 1.632% Appreciate, 1.667% Depreciate, 1.667%

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