QUESTION 2 2.1 One of the ways to compare the purchasing power of one country's currency to another country's currency is to compare the local price of common items that are available in all the countries. The average local price of a Big Mac burger and a 2 { cola as well as the exchange rates are given in TABLE 2. TABLE 2: AVERAGE LOCAL PRICE OF A BIG MAC BURGER AND A 2-litre COLA WITH EXCHANGE RATES as on 10 May 2022 South Africa 2t Cola R22 Brazil R$ 5,81 Big Mac Burger R54,90 R$ 23 United Kingdom £ 1,80 £5.70 Exchange rates: R$ 1= R3,14 £1 United States of America Cola $1,94 $ 6,69 R19,08 R16.15 $1 Currencies Brazilian real British pound US dollar South African rand 2.1.1 Define the term exchange rate. 2.1.2 What is the meaning of R$ 1= R3,14? .1.3 Identify the country that has the strongest currency in comparison to the rand. 2 (2) (2) 1.4 Calculate the price in rand that you will pay for a 2 { cola in the United States of America. (2) 1.5 Exchange R54,90 into pounds. (2) [10] pyright reserved Please turn over​