QUESTION 4

Suppose the pound depreciates from $1.31 at the start of the year to $1.09 at the end of the year. Inflation during the year is 18% in England and 7% in the U.S. What percentage is the real depreciation (-) or real appreciation of the pound during the year? (Round your answer to two decimal places. Input only numbers as your answer. For instance, for a final answer of -50%, the answer you should put in the blank is -50.00.)