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B. KFC opened its first store in Accra, Ghana in October 2011. The price of a Wicked Zinger Meal in Accra is 39.90 GHS.

B. KFC opened its first store in Accra, Ghana in October 2011. The price of a Wicked Zinger Meal in Accra is 39.90 GHS. In New York City, the price of a Wicked Zinger Meal is $9.65. The exchange rate between Ghanaian Cedi (GHS) and U.S. dollars is GHS1.6873/S. According to purchasing power parity, is the Ghanaian cedi overvalued or undervalued? To what extent? Show your calculation. (2 marks Show calculations as required.

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