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PURCHASING POWER PARITY In the spot market, 9.6 Mexican pesos can be exchanged for 1 U.S. dollar. A compact disc costs $19 in the United

PURCHASING POWER PARITY

In the spot market, 9.6 Mexican pesos can be exchanged for 1 U.S. dollar. A compact disc costs $19 in the United States. If purchasing power parity (PPP) holds, what should be the price of the same disc in Mexico? Round your answer to two decimal places. Do not round intermediate calculations.

pesos

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