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In December​ 1994, the government of Mexico officially changed the value of the Mexican peso from...

In December​ 1994, the government of Mexico officially changed the value of the Mexican peso from 3.23 pesos per dollar to 5.46 pesos per dollar. What was the percentage change in its​ value? Was this a​ depreciation, devaluation,​ appreciation, or​ revaluation? Explain.

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