Isaac Dez Peris lives in Rio de Janeiro. While attending school in Spain, he meets Juan Carlos Cordero from Guatemala. Over the summer holiday, Isaac decides to visit Juan Carlos in Guatemala City for a couple of weeks. Isaac's parents give him some spending money, R$11,000. Isaac wants to exchange it for Guatemalan quetzals (GTQ). He collects the following exchange rates: GTQ5.4=$1 and R$3.5=$1. The implied exchange rate between GTQ and R$ is R$_ =1GTQ