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In December 1994, the government of Mexico officially changed the value of theMexican peso from 3.2 pesos per dollar to 5.5 pesos per dollar. What

In December 1994, the government of Mexico officially changed the value of theMexican peso from 3.2 pesos per dollar to 5.5 pesos per dollar. What was the percentage change inits value? Was this a depreciation, devaluation, appreciation, or revaluation? Explain.

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