Suppose the pound depreciates from $1.25 at the start of the year to $1.00 at the end of the year. Inflation during the year is 15% in England and 5% in the U.S. What is the real depreciation (-) or real appreciation (+) of the pound during the year? a. + 1.46% O b. - 12.38% O C. - 20.71% d. + 2.39%