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Joe, one of the students in the College of Business, was curious about the trend of exchange rate between the Euro and US dollar. So,

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Joe, one of the students in the College of Business, was curious about the trend of exchange rate between the Euro and US dollar. So, he looked up a website to find that the exchange rate between the Euro and US dollar was 1.12 Euro/USD in late 2001. However, as of October 2005, the exchange rate is .83 Euro/USD. What is the correct change in the value of the Euro since late 2001 to October 2005? [Hint: you probably need to convert the exchange rates into the right format to calculate the change. Increase in value by 34.9% O Increase in value by 25.9% O Decrease in value by 34.9% O Decrease in value by 25.9% None of the above

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