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 21 that the lira would be devalued by 20%. The spot exchange rate on February 2001 was TL 68,000/$.
(a) What was the exchange rate after a 20% devaluation?
(b) Within three days the lira had plummeted to TL100,000/$. What percent change was this from the predevaluation rate?
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