the argentine peso was fixed through a currency board at ps​/$ throughout the 1990s. in january​ 2002, the argentine peso was floated. on january​ 29, 2003, it was trading at ps​/$. during that​ one-year period,​ argentina's inflation rate was ​% on an annualized basis. inflation in the united states during that same period was ​% annualized. a. what should have been the exchange rate in january 2003 if ppp​ held? b. by what percentage was the argentine peso undervalued on an annualized​ basis? c. what were the probable causes of​ undervaluation?