Suppose that you travel to Cali $($Colombia$),$ where the

exchange rate is $1$ USD to $2,900$ Colombian pesos. As

you enter a McDonald$$s restaurant, you realize you need

$17,400$ Colombian pesos to buy a Big Mac. Assuming

a Big Mac sells for $$5$ in the United States, would you

say that the Colombian peso is over$-$ or undervalued in

terms of PPP$?$