If a Dell Studio laptop sells for $999 in Austin, Texas, and 689 in London, what is

Question:

If a Dell Studio laptop sells for $999 in Austin, Texas, and £689 in London, what is the implied exchange rate between the U.S. dollar and the euro?

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...

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