Mexican peso changes in december 1994 the governement of, Finance Basics

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Mexican peso changes in december 1994 the governement of

Question: Mexican Peso Changes. In December 1994, the governement of Mexico officially changed the value of the Mexican peso from 3.18 pesos per dollar to 5.49 pesos per dollar. What was the percentage change in its value? Was this a depreciation, devaluation, appreciartion, or revaluation? Explain

What was the percentage change in its value?

The percentage change in peso value is ___% (Round to two decimal places)

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