Suppose that due to extreme political and economic pressures (in early 2001), the Turkish government found it necessary to devalue the Turkish lira (TL) by 25%. Suppose also, that the day before the official devaluation was announced the spot exchange rate was TL71000/USD. (a) What was the exchange rate after the 25% devaluation? (b) Within three days the lira had moved to TL105000/USD. What percentage change was this from the pre-devaluation rate? (10 marks)