Assume that it is 1910 and both the United States and France have a gold standard. Under the gold standard, the United States priced the dollar to gold at a rate of $20 per ounce, whereas France priced the franc to gold at the rate of 5 francs per ounce.

Based on these pegs, what would the exchange rate be?

The exchange rate is

$1 = 1/5 franc.

$20 = 1 franc.

$4 = 1 franc.

not possible to calculate with the information given.