given the following exchange rate

The U.S. dollar suddenly changes in value against the euro moving from an exchange rate of $0.8909/euro to $0.8709/euro. Thus, the dollar has____ by ____. A) appreciated; 2.30% B) depreciated; 2.30% C) appreciated; 2.24% D) depreciated, 2.24% Answer: A Diff: 2 Topic: 5.5 Foreign Exchange Rates and Quotations Skill: Analytical When the cross rate for currencies offered by two banks differs from the exchange rate offered by a third bank, a triangular arbitrage opportunity exists