Question: The current exchange rate is 1 7 . 3 1 MXN per 1 USD. A Toyota Corolla costs $ 2 0 , 0 0 0

The current exchange rate is 17.31 MXN per 1 USD. A Toyota Corolla costs $20,000 in San Antonio, Texas. A similar Toyota Corolla costs MXN 400,000 in Monterrey, Mexico.
What is the implicit exchange rate based on the price of the Corollas in San Antonio and in Mexico?
17.31 MXN per 1 USD
17.31 USD per 1 MXN
20 MXN per 1 USD
0.058 USD per MXN

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