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The current exchange rate between the U.S. dollar and the British pound is USD1.20/GBP. If the U.S. dollar appreciated 8.33% over the last year, what

The current exchange rate between the U.S. dollar and the British pound is USD1.20/GBP. If the U.S. dollar appreciated 8.33% over the last year, what was the exchange rate a year ago?

	a.	USD1.16/GBP
	b.	GBP1.11/USD
	c.	USD1.30/GBP
	d.	USD1.40/GBP
	e.	GBP1.30/USD

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