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The Turkish lira (TL) was officially devalued by the Turkish

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The Turkish lira (TL) was officially devalued by the Turkish government in February 2001 during a severe political and economic crisis. The Turkish government announced on February 21st that the lira would be devalued by 20%. The spot exchange rate on February 20th was TL68,000/$.

Assumptions Values
Spot rate, February 20, 2001 (TL/$) 68,000
Turkish government announces a devaluation of: -20.00%
Spot rate, February 24, 2001 (TL/$) 100,000

a. What was the exchange rate after devaluation?

Spot rate after devaluation

Check calculation: percentage change in values

b. What was percentage change after falling to TL100,000/$?

Percentage change from initial value

Percentage change from "devalued" value

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