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An English institutional investor has invested in a portfolio of stocks in Russia. The annual inflation rate is 6 percent in Russia and 2.5 percent

An English institutional investor has invested in a portfolio of stocks in Russia. The annual inflation rate is 6 percent in Russia and 2.5 percent in the England.

If the purchasing power parity holds between the England and Russia, by how much should the Russian ruble appreciate or depreciate with the respect to pound the over a year?

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