The "Big Mac Theory of Exchange Rates" tests the accuracy of the purchasing power parity theory. In July 2014,The Economistreported that the average price of a Big Mac in the U.S. was $4.80. In Norway, the average price of a Big Mac at that time was 48 kroner. If purchasing power parity held, what must be the nominal exchange rate between the kroner and the dollar?

A.0.1 kroner per dollar

B.7.76 kroner per dollar

C.10 kroner per dollar

D.11.78 kroner per dollar