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The Turkish lira ( TL ) was officially devalued by the Turkish government in February 2 0 0 1 during a severe political and economic

The Turkish lira (TL) was officially devalued by the Turkish government in February 2001 during a severe political and economic crisis. The Turkish government announced on February 21 that the lira would be devalued by 20%. The spot exchange rate on February 20 was TL67,00= $1.00. a. What was the exchange rate after devaluation? b. What was percentage change after falling to TL96,000= $1.00?

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