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Suppose it cost 50.75 Russian rubles (RUB) to buy one U.S. dollar (USD) one year ago. The exchange rate now is 66.44 RUB per USD.

Suppose it cost 50.75 Russian rubles (RUB) to buy one U.S. dollar (USD) one year ago. The exchange rate now is 66.44 RUB per USD. What is the approximately rate of change of the rubble relative to the dollar?

a. Appreciation of 31%

b. Depreciation of 23%

c. Appreciation of 23%

d. Depreciation of 31%

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