Ranbaxy (India) in

Brazil.

Ranbaxy, an India-based pharmaceutical firm, has continuing problems with its cholesterol reduction product's price in one of its rapidly growing markets, Brazil. All product is produced in India, with costs and pricing initially stated in Indian rupees (Rps), but converted to Brazilian reais (R$) for distribution and sale in Brazil. In 2009, the unit volume was priced at

Rps21,500,

with a Brazilian real price set at

R$897.

But in 2010, the real appreciated in value versus the rupee, averaging

Rps26.62/R$.

In order to preserve the real price and product profit margin in rupees, what should the new rupee price be set at?

First, the implied spot exchange rate for the previous year, 2009 must be found.

The implied spot exchange rate for the previous year, 2009 is

Rpsnothing/R$.

(Round to two decimal places.)