The cost of one pound of red grapes in Philippines is Peso 85.35 and $1.99 in Canada. Suppose that purchasing powers are equal across countries, what is the spot exchange rate?
A) 0.01797 dollar per peso
B) 0.02332 peso per dollar
C) 42.8894 peso per dollar
D) 0.06029 dollar per peso
E) Insufficient information
Correct Answer:
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