QUESTION TWO

a$)$ If the Japanese yen was worth $$0\mathrm{.}0035$ six months ago and is now worth $$0\mathrm{.}0045$ today; how much has the yen appreciated or depreciated?

b$)$ Assume that the spot rate changed from $$0\mathrm{.}64$ per Swiss franc on January $1$ in one recent year to $$0\mathrm{.}68$ per Swiss franc on December $31$ of that year.

What is the percentage change in the franc spot rate using direct quotes for U$.$S$.$ company?