You are hired as the CEO of Economolicious Bread Company. You are consolidating earnings across the globe for your shareholder meeting. At the beginning of the year, your Venezuelan subsidiary had strong revenue, which generated profits of 50,000,000 million Venezuelan Bolivar (hereinafter "VEF."). Because of the downturn in the economy, the remainder of the year generated 0 profits. The exchange rate at the beginning of the year was .167 USD= 1 VEF. The exchange rate at the end of the year was .2 USD=1 VEF. The CEO must put earning in a common currency, the U.S. dollar, for the board meeting, to show profitability. The board requests this, so it has the means to compare profitability across subsidiaries easily. If the CEO were to have converted the VEF to USD at the BEGINNING OF THE YEAR (as soon as profits realized), what would the CEO have shown the shareholders as profit (shown in USD). If the CEO waited until THE END OF THE YEAR to convert VEF to USD, what would the CEO have shown as profit? Did the VEF appreciate or depreciate?