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The spot rate of exchange between the turkish iira

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In 2011, the spot rate of exchange between the Turkish Iira (TI) and the euro was 2.016 TI/Euro. In 2012, the rate was 2.348 TI/Euro. Based on this information, did the euro appreciate or depreciate relative to the Turkish lira? What was the amount, in percentage-change terms, of appreciation/depreciation?

Reference no: EM13670482

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