Foreign Exchange Rates in Russia
In 1998, the Russian ruble depreciated 54% against the Deutschmark. How much did the Deutschmark appreciate against the Ruble?
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Suppose initially, 1 Russian Rouble = x DM
In 1998, 1 Russian Rouble = 0.46x DM , such that ...
Solution Summary
The solution determines how much the Deutschmark appreciate against the Ruble.
$2.49