Question: A Big Mac costs 5 in Europe , while it costs $5 in the U.S. The actual market exchange rate is S($/)=1.1. Then real (effective)

A Big Mac costs 5 in Europe , while it costs

A Big Mac costs 5 in Europe , while it costs $5 in the U.S. The actual market exchange rate is S($/)=1.1. Then real (effective) exchange rate implied by the Big Mac is (Please keep two decimal numbers.)

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