An item currently costs $100$ in the UK$.$ The current exchange rate is $$/1\mathrm{.}50.$ The rates of inflation are $2\%$ p$.$a$.$ in the UK and $4\%$ p$.$a$.$ in the US$.$

REQUIRED:

$($i$)$ Calculate the price of the item in $1$ years$$ time in the UK and in the US$.$

$(2$ marks$)$

$($ii$)$ As a result, calculate the exchange rate in $1$ years$$ time.