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You read in the financial press that the Yen has depreciated by 10% against the U.S.$ over the last two years. If the spot exchange

You read in the financial press that the Yen has depreciated by 10% against the

U.S.$ over the last two years. If the spot exchange rate is currently 120 /$, then

what was the /$ spot exchange rate two years ago? (10%)

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