Does purchasing power parity (PPP) hold between Brazil and the United States? If not, does PPP predict

Question:

Does purchasing power parity (PPP) hold between Brazil and the United States? If not, does PPP predict that the real will appreciate or depreciate against the U.S. dollar?

In August 2013, the exchange rate between the U.S. dollar and the Brazilian real was 3.125 real per dollar. In the same month, the price of a Big Max was 23 real in Sao Paulo and $3.99 in New York. Brazil’s interest rate was 14.25 percent per year and the U.S. interest rate was 1 percent per year.

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...