Question:
The following table provides a list of countries selling Big Mac and market exchange rates in January 2019.
Country Big Mac
(Price in local currency)
Market Exchange Rate
(Local currency per USD)
United States 5.58 USD 1.00 Norway 50.00 Kroner 8.53 Kroner/USD Japan 390.00 Yen 108.44 Yen/USD Mexico 49.00 Pesos 17.31 Pesos/USD China 20.90 Yuan 6.85 Yuan/USD Russia 110.17 Rubles 66.69 Rubles/USD India 178.00 Rupees 69.69 Rupees/USD
Using the above information, the cheapest price (in USD) of Big Mac is _______ (round off to 2 decimal places).
The following table provides a list of countries selling Big Mac and market exchange rates in January 2019.
Using the above information, the cheapest price (in USD) of Big Mac is _______ (round off to 2 decimal places).
| Country | Big Mac | Market Exchange Rate |
| United States | 5.58 USD | 1.00 |
| Norway | 50.00 Kroner | 8.53 Kroner/USD |
| Japan | 390.00 Yen | 108.44 Yen/USD |
| Mexico | 49.00 Pesos | 17.31 Pesos/USD |
| China | 20.90 Yuan | 6.85 Yuan/USD |
| Russia | 110.17 Rubles | 66.69 Rubles/USD |
| India | 178.00 Rupees | 69.69 Rupees/USD |
Using the above information, the cheapest price (in USD) of Big Mac is _______ (round off to 2 decimal places).
Updated On: Oct 1, 2024
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Correct Answer: 1.63
Solution and Explanation
The correct answer is: 1.63 or 1.67 (approx.)
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