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 2001 was TL68,000/$.

(a) What was the exchange rate after a 20% devaluation?

(b) Within three days the lira had plummeted to TL100,000/$. What percent change was this from the predevaluation rate?