$2003,$ it was trading at Ps$3\mathrm{.}24-$ $$1\mathrm{.}00$ During that one year period, Argentrni' inflation rate was $20\%$ un an annualized basis. Inflation in the United States during that same period was $23\%$ annualized

a$.$ What should have been the exchange rate in January $2003$ if PPP held?

b$.$ By$-$ahai percentege was tite Argernine pesa undervalued on an annualized bask?

c$.$ What were the probable causas of undervaluation?

a$.$ What should have been the exchange rate in January $2003$ it PPP held?

The exchange fate in January $2003,$ if PPP held, should have beeri Ps

$$.($Roind to five dncimal places.$)$