Question: According to the Big Mac Index, the implied PPP exchange rate is Mexican peso 8.50/$1 but the actual exchange rate is peso 7.80/$1. Thus, at

According to the Big Mac Index, the implied PPP exchange rate is Mexican peso 8.50/$1 but the actual exchange rate is peso 7.80/$1. Thus, at current exchange rates the peso appears to be by ____ undervalued; approximately 8.2% undervalued; approximately 9% overvalued; approximately 9% overvalued; approximately 8.2%

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