48. An investor purchases a five-year U.S. bond that has an annual interest rate of 5% rather than a comparable British bond that has an annual interest rate of 6%, then according to the International Fisher Effect, will at a rate of around 1% per year over the next 5 years. (a) British pound; appreciate (b) British pound; revalue (c) U.S. dollar; appreciate (d) U.S. dollar; depreciate