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One year ago (Nov 1st, 2021) the spot rate of Turkish liras for U.S. dollars was TL9.6/$. Since that time the rate of inflation in

One year ago (Nov 1st, 2021) the spot rate of Turkish liras for U.S. dollars was TL9.6/$. Since that time the rate of inflation in the U.S. has been roughly 8% and roughly 80% in Turkey. Based on the theory of Relative PPP, calculate what the current spot exchange rate of Turkish liras for U.S. dollars should be.

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