In an alternative universe, the Australian Dollar (AUD) is a fixed-rate currency. The Australian Reserve Bank decided to devalue the Australian Dollar from USD2.02/AUD at the beginning of 2019 to USD1.56/AUD at the end of 2019.

By how much has the US Dollar (USD) appreciated or depreciated relative to the Australian Dollar (in percentage terms)?

a.

-29.4872 %

b.

-22.7723 %

c.

29.4872 %

d.

129.4872 %

e.

77.2277 %