Please show all calculations and explain the answer in detail. If using Excel please show data.

practice #7

If the current exchange rate is 105 Japanese yen per U.S. dollar, the price of a Big Mac hamburger in the United States is $3.41, and the price of a Big Mac hamburger in Japan is 380 yen, then other things equal, the Big Mac hamburger in Japan is ______________ (over-valued/under-valued/fairly-valued).