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Economics

In a hypothetical world, between last year and this year, the CPI in the United States rose from 110 to 120 and the CPI in Russia rose from 100 to 110. The United States' currency unit, the Dollar, was worth $1.00 (per Canadian dollar) last year and is worth $0.80 (per Canadian dollar) this year. Russia's currency unit, the Ruble, was worth $23.38 (per Canadian dollar) last year and is worth $23.29 (per Canadian dollar) this year.

a) Find the percentage change from last year to this year in the United States' nominal exchange rate with Russia (measured as # of Dollars/1 Ruble).

NOTE: Please keep as much precision as possible throughout your calculations and round off your final answer to two decimal places.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M962368

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