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3 (3 marks): As of December 31, 1999, the exchange rate between the GBP and U.S. dollar is $1.3895/. The consensus forecast for the annual

3 (3 marks): As of December 31, 1999, the exchange rate between the GBP and U.S. dollar is $1.3895/. The consensus forecast for the annual U.S. and the annual U.K. inflation rates for the next few years is 4.6% and 8.2%, respectively. How would you forecast the exchange rate to be at around December 31, 2001

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