(10 points) On January 1, 2021, a Big Mac costs 3.29 British pounds in the UK, and $5.66 (U.S. dollars) in the United States. Also on January 1, 2021, you could purchase 1 U.S. dollar with 0.74 British pounds. a. (4 points) If the theory of Purchasing Power Parity held in the short run, what should have been the exchange rate on January 1, 2021? (You can calculate US$/British Pounds or British Pounds/US$, as long as it is clear what you are doing.) b. (6 points) On January 1, 2021, with only the information provided in this question you must choose between putting all of your wealth into US dollars or putting all of your wealth into British Pounds. (After your choice, you cannot access your money for 1 year.) Which did you choose? Briefly explain