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On Thursday, January 15, 2015, the Swiss National Bank abandoned the cap it had set since September 2011 on the Swiss francs value against the

On Thursday, January 15, 2015, the Swiss National Bank abandoned the cap it had set since September 2011 on the Swiss francs value against the euro at 1=SFr1.20. Following the announcement, the exchange rate between the euro and the Swiss franc changed from 1=SFr1.20 to about 1=SFr1.00 in the foreign exchange market. How much did the value of the Swiss franc change from 1=SFr1.20 to 1=SFr1.00?

a. The Swiss franc depreciated by 20.00%.

b. The Swiss franc depreciated by 16.67%.

c. The Swiss franc appreciated by 16.67%.

d. The Swiss franc appreciated by 20.00%.

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