Argentine peso was floated, On January 29,2003 , it was trading at P3.22=$1.00. 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 2.2% annualized. a. What should have been the exchange rate in January 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 January 2003 if PPP held? The exchange rate in January 2003, if PPP held, should have been Ps 1\$. (Round to five decimal places.) Argentine peso was floated, On January 29,2003 , it was trading at P3.22=$1.00. 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 2.2% annualized. a. What should have been the exchange rate in January 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 January 2003 if PPP held? The exchange rate in January 2003, if PPP held, should have been Ps 1\$. (Round to five decimal places.)