The US dollar suddenly changes value against the euro moving from an exchange rate of $0.8909/1 euro to $0.8709/ 1 euro. Thus the dollar has ___ by ____
A) appreciated 2.3%
B) depreciated 2.3%
C) appreciated 2.24%
D) depreciated 2.24%
I believe it is appreciate 2.24% because you are starting in home currency of $ so it is (.8909-.8709)/ .8909. is this correct?