Argentine Float. The Argentine peso was foxed through a currency board at Ps 100/5 throughout the 1990 s. In January 2002 , the Argentine peso was floated On January 29, 2003, it was trading at Ps3 21/s. During that one-year period, Argentina's inflation rate was 19% on an annualized basis Inflation in the United States during that same period was 23% annualized a. What should have been the exchange rate in danuary 2003 if PPP held? b. By what percentage was 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 Jamuary 2003 if PPP held? The exchange rate in January 2003, if PPP held, should have been P: is. (Round to five decimal places)