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Problem 17-03 Purchasing Power Parity A computer costs $530 in the United States. The same model costs 545 euros in France. If purchasing power parity

Problem 17-03
Purchasing Power Parity
A computer costs $530 in the United States. The same model costs 545 euros in France. If purchasing power parity holds, what is the spot exchange rate between the euro and the dollar? Do not round intermediate calculations. Round your answer to two decimal places.
$1 = euros

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