Turkish Lira Devaluation. The Turkisk 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 21st that the lira would be devalued by 20%. The spot exchange rate on February 20th was $TL66,000/$.

a. What was the exchange rate after devaluation?

b. What was the percentage change after falling to $TL99,000/$ on February 24, three days after the devaluation?