If you can get 34.6 Singaporean dollar (SGD) per USD at the exchange counter, but an item that costs 25 USD in the United States sells for 948.25 SDG in Singapore(the quoted rate).

a) Then the implicit exchange rate is 25 USD to 948.25 SDG, or ___

b) Using the SGD as the domestic currency, the quoted exchange rate is ___ (give answer to 4 decimal places) and the implicit exchange rate is ___ (give answer to 4 decimal places). The SGD is thereby ___% overvalued (give answer to 2 decimal places).