7. Suppose that the current exchange rate between the U.S. dollar and the British pound is 1.464$/. Now further assume that the expected inflation rate in the U.S. for the next year is 2.5% while the expected inflation rate in England is 3%. Considering relative purchasing power parity (PPP), what 1-year forward rate would we expect in terms of $/? To solve this problem, use the equation from the Suranovic textbook equation for relative PPP in section 30-4. Show your work to receive full credit for this problem.