Suppose the annual rate of inflation in Brazil (BRL) is 8.50%, and the annual rate of inflation in Argentina (ARS)is 15.91%. If the ARS appreciates relative to the BRL by 4.32% in real terms, then which of the following would be correct? O a. Nominal exchange rate appreciation by 11.44%. O b. Nominal exchange rate depreciation by 2.35%. O c. Nominal exchange rate appreciation by 12.82%. O d. Nominal exchange rate depreciation by 4.18%. O e. None of the options in this question are correct.

432% in reat terms, then which of the following would be correct? a. Nommal exchange rale apprecistion by 11:445 b. Nom hal erchange tate depreciation by 2.35L. C. Nominal eschange rate appreciation by 12.82K id Nominal exchange rale depreciation by 4.103 . c. Nane of the options in this question are comect