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Initially assume that it costs $1.36 to purchase 1 euro. How many euros are needed to buy $1? How many dollars are needed to purchase an item priced at 84 euros? Next, assume that the exchange rate changes to $1.30 per 1 euro. Will it take more euros or fewer euros to buy the American item priced at $84? Did the euro appreciate or depreciate relative to the dollar? Did the dollar appreciate or depreciate relative to the euro?