Argentine Float. The Argentine peso was fixed through a currency board at Ps1.00/5 throughout the 1990s. In January 2002, the Argentine peso was floated. On January 29, 2003, n was trading at Ps3:2315. During that one-year period, Argentina's indiation rate was 20% on an annualized basis. Inflation in the United States during that same period was 2.2% annualized a. What should have been the exchange rate in January 2003 i PPP held? b. By what percentage won the Argentine peso undervalued on an annualized basis? c. What were the probable causes of undervaluation? a. What should have been the exchange rate in January 2003 i PPP held? The exchange rate in January 2003, if PPP held should have been Ps_ $ (Round to five decimal places.)