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Suppose that the annual value of a country's imports is $1 million and the annual value of its exports is $750,000. It imposes a tariff

Suppose that the annual value of a country's imports is $1 million and the annual value of its exports is $750,000. It imposes a tariff of 20% on all imported goods, and exported goods receive a 10% subsidy. The official exchange rate is 1500 Crowns = $1. Work out the appropriate value for the shadow-exchange rate.

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