Final answer:
To address the student's inquiry, the indirect quotation of Gazlan currency requires calculating the number of Gazlan units per U.S. dollar by inverting the given exchange rates. The percentage change in the foreign currency value is computed using the standard formula for percentage change, taking the difference between the new and old rate divided by the old rate, and multiplying by 100%.
Step-by-step explanation:
The question involves calculating the indirect quotation of a foreign currency (Gazlan) and the percentage change in its value over a year in terms of the U.S. dollar. The indirect quotation method expresses the foreign exchange rate as the number of units of foreign currency per one U.S. dollar. To find this value, we would divide 1 by the U.S. dollar equivalent of the Gazlan. Additionally, to calculate the percentage change in the value of the foreign currency, we would use the formula: ((New Rate - Old Rate) / Old Rate) × 100%.
A year ago, 1 U.S. dollar was equivalent to (1 / $1.2167 Gazlan) and now it is equivalent to (1 / $1.3310 Gazlan). The percentage change would be calculated using these two values to determine how much the value of Gazlan has changed in relation to the U.S. dollar.