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# Assume the following exchange rates: $1 = NZ$3, NZ$1 = We, and $1 = My. Given this information, as you and others perform triangular arbitrage, the

Assume the following exchange rates: $1 = NZ$3, NZ$1 = MXP2, and $1 = MXP7. Given this information, as you and others perform triangular arbitrage, the exchange rate of the New Zealand dollar (NZ) with respect to the Mexican peso (MXP) should ____, and the exchange rate of the Mexican peso (MXP) with respect to the U.S. dollar should ____.

a. appreciate; depreciate