Please use the data below, to answer the following question.

$\backslash$table$[[$BigMac price in the US$,$USD $3\mathrm{.}40],[$BigMac price in Canada,CAD $4\mathrm{.}00],[$Current Exchange Rate,$1$ USD $=$ CAD $1\mathrm{.}29]]$

Based on PPP$,$ CAD is $q,$

overvalued by $8\mathrm{.}80\%$

overvalued by $9\mathrm{.}65\%$

undervalued by $9\mathrm{.}65\%$

$$ undervalued by $8\mathrm{.}80\%$