Problem:
Assume that last year the Australian dollar was trading at $.5527, the Mexican peso at $.1102, the United Kingdom (British) piund was worth $1.4233. By this year the US dollar value of an Australian dollar was $.7056, the peso was $.0867, and the British pound was $1.8203.
Required:
Question: Calculate the percentage appreciation or depreciation of each of these three currencies between last year and this year.
Note: Provide support for your rationale.