Question $21$

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

$\backslash$table$[[$BigMac price in the US$,$USD $4\mathrm{.}25],[$BigMac price in Japan,JPY $400],[$Current Exchange Rate,$1$ USD $=$ JPY $103]]$

Based on PPP$,$ JPY is

overvalued by $8\mathrm{.}74\%$

undervalued by $8\mathrm{.}74\%$

overvalued by $9\mathrm{.}57\%$

$$ undervalued by $9\mathrm{.}57\%$