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Question 20 (3.03 points) Use the following information for the next two questions. The price of a leather jacket in Chicago is $430 and the

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Question 20 (3.03 points) Use the following information for the next two questions. The price of a leather jacket in Chicago is $430 and the price of the same jacket in Italy is 367. The expected U.S. inflation rate in one year is 1.68% and the inflation rate in Italy is 0.82%. Under PPP, what is the implied spot rate? $1.177 $1.377 $1.26/ $0.85/

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