So, there's this vowel: æ. In Anglo-Saxon it's pronounced like the vowel in 'cat'. This is also the value of it in IPA. In Modern Icelandic it's pronounced like the vowel1 in 'high'. Problem with taking the Icelandic pronuncation at face value is that there has been a vowel shift in the long vowels and the more unusual ones like ö and y. Well
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