Awoven-leather chair costs $570 in the united states. if the exchange rate between u. s. dollars and mexican pesos is $0.06 per peso, how much should the same chair cost in mexico? assume that purchasing power parity holds perfectly in this case.

9,500 pesos.

Explanation:

Cost in dollars = $570

Exchange rate = $0.06 per peso

Assuming a perfect purchasing power parity, a straight-forward currency conversion from dollars to pesos should yield the cost of the woven-leather chair in Mexico.

Therefore, the cost of the woven-leather chair, in Mexico, is:

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"