Suppose purchasing power parity holds. In the US, the money supply grew at 3%, Real GDP at 2% and velocity grew at 3%. In Brazil, the Money supply grew at 5%, real GDP grew at 0% and velocity fell by 1%. Then the US dollar

	a.	neither appreciated nor depreciated relative to the Brazilian Real
	b.	appreciated by 1% relative to the Brazilian Real
	c.	appreciated by 3% relative to the Brazilian Real
	d.	none of the above