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In the spot market, 19.5 Mexican pesos can be exchanged for 1 U.S. dollar. A compact disc costs $16 in the United States. If purchasing

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In the spot market, 19.5 Mexican pesos can be exchanged for 1 U.S. dollar. A compact disc costs $16 in the United States. If purchasing power parity (PPP) holds, what should be the price of the same disc in Mexico? Do not round intermediate calculations. Round your answer to two decimal places. pesos

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