Suppose that one year ago the spot rate for the British pound was $$1\mathrm{.}62$ per pound, while the spot rate for the peso $$0\mathrm{.}90$ per

The cross rate of the British pound one year ago was $1=$

pesos.

Suppose that now the spot rate for the British pound is $$2\mathrm{.}00$ per pound, while the spot rate for $$1$ per

Now, the cross rate of the British pound is $1=$

pesos. This represents a

percent change in the cross rate of the British

pound.