7. (10 points) A vehicle manufacturer headquartered in Seoul produces its best-selling model entirely in the South Korea. The local price of this vehicle is 44,000,000, while and the price of the same model in the U.K. is 27,500. The company's pricing policy is to apply a pass-through rate of 80% with regards to exchange rate changes. What would be the new price in Europe if the exchange rate were to suddenly change from 1600/ to 1500/?