show your step-by-step calculation/derivation with explanation or a zero will be assigned. Suppose an identical iPhone is sold for $ = $1,500 in Canada and = 200,000 in Japan. There are no trade barriers or transaction costs. The nominal exchange rate is currently at = 120/$. Assume prices and nominal exchange rate are flexible. Use two properly labeled graphs to help you explain the stepby-step adjustment process for these markets to yield the Law of One Price result. (25 Marks)