Suppose at the beginning of the year, a textbook sells for 60 in Paris, France, and $60
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Suppose at the beginning of the year, a textbook sells for €60 in Paris, France, and $60 in New York City, and PPP holds. Over the year, there is an inflation rate of 10 percent in France and no inflation in the United States. What exchange rate would maintain PPP at the end of the year?
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