Suppose the spot exchange rate between the Russian ruble and the Canadian dollar (CAD) was 0.056 rubles/CAD a year ago. If the current exchange rate is 0.034, calculate the approximate percentage change in the value of the Canadian dollar.
Added by Juana C.
Step 1
056 - 0.034 = 0.022 This means that the ruble has appreciated (strengthened) against the Canadian dollar by 0.022 rubles/CAD. To calculate the percentage change, we need to divide this difference by the old exchange rate and multiply by 100: (0.022 / 0.056) x Show more…
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