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Q-2: The Turkish lira (TL) was officially devalued by the Turkish government in December 2016 during a severe political and economic crisis. The Turkish government

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Q-2: The Turkish lira (TL) was officially devalued by the Turkish government in December 2016 during a severe political and economic crisis. The Turkish government announced on 21 December that the lira would be devalued by 20%. The spot exchange rate on 20 December was TL34,000/$. i. What was the exchange rate after devaluation? ii. What was percentage change after falling to TL50,000/$

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