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Suppose that one year ago the spot rate for the British pound was $1.40 per pound, while the spot rate for the peso was $1.00

Suppose that one year ago the spot rate for the British pound was $1.40 per pound, while the spot rate for the peso was $1.00 per peso.

The cross rate of the British pound one year ago was 1 = _______ pesos.

Suppose that now the spot rate for the British pound is $2.00 per pound, while the spot rate for the peso was $1 per peso.

Now, the cross rate of the British pound is 1 = _________ pesos. This represents a _____ percent change in the cross rate of the British pound.

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