a$)$ The $90$day interest rates $($annualized$)$ in the U$.$S$.$ and Japan are, respectively, $10\%$ and $7\%,$ while the direct spot quote for the yen in New York is $$\mathrm{.}004300.$ At what $90$day forward rate would interest rate parity hold?

b$)$ If the U$.$S$.$ inflation rate is expected to be $5$ percent over the next year, while the German inflation rate is expected to be $3$ percent. The current spot rate of the euro is $$1\mathrm{.}03.$ Using purchasing power parity, what is the expected spot rate at the end of one year?

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