In the spot market 68 mexican pesos can be exchanged for 1

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In the spot market, 6.8 Mexican pesos can be exchanged for 1 U.S. dollar. A compact disc costs $20 in the United States. If purchasing power parity (PPP) holds, what should be the price of the same disc in Mexico? Round your answer to two decimal places.

Reference no: EM13620575

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