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No, the answer is right. Take HK$/US$ in 2001 (as Garry says, 11.23/1.44 = 7.8). Then subtract from this HK$/US$ in 2006 (14.31/1.96 = 7.3). Take the difference and divide it by the original exchange rate (0.5/7.8), and you get 0.0641. The US$ has depreciated approx. 6% against the HK$.
Rachel, London,
Cheers Garry! On re-looking at the question I did the same calculation as you...their answer is still wrong then! Many thanks again.
Niki Cooper, Hong Kong,
Niki, in 2001 the US dollar would buy you 7.8 Hong Kong dollars (11.23/1.44). In 2006, it would only buy 7.3 (14.31/1.96), or 6.8% less - which I would say was closer to 7% myself.
Garry, Llantwit Major, Wales
Question 5 puzzles me, can someone please explain. I get the answer to be 6% stronger (+) but the stated correct answer is -6%. As I see it the US$ was 33% stronger in 2006 compared to 2001 and the HK$ was 27% stronger. Thus the US$ grew 6% more than the HK$ so it was stronger and thus +'ve. Help
Niki Cooper, Hong Kong, Hong Kong
"You are advised to use a calculator and rough paper for your calculations."
James, Leeds,
I found the numerical test difficult without calculator, paper or pencil and as a result I guessed most of them and gave up on the last one. Were we allowed these or not? It would be useful if you gave some indication.
Gina, Channel Islands , Guernsey