Help plss

The Argentine peso was fixed through a currency board at Ps1.00/\$ throughout the 1990 's. In January 2002 the Argentine Peso was floated. On January 29, 2003, it was trading at PS 3.20/\$. During that oneyear period Argentina's inflation rate was 20% on an annualized basis. Inflation in the US during the same period was 2.2% annualized. a. What should have been the exchange rate in January 2003 if the purchasing power parity held? b. By what percentage was the Argentine peso undervalued on an annualized basis