3. Suppose the cost of a market basket of goods in Hong Kong is 1,245...
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3. Suppose the cost of a market basket of goods in Hong Kong is 1,245 Hong Kong dollars, while the cost of the same market basket in Philippines is 6,500 Philippine peso. Calculate the Philippine peso/ Hong Kong dollar exchange rate if purchasing power parity holds between the two.
a. 0.19
b. 4.82
c. 0.81
d. 5.22
e. 4.32
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