Assume that the international Fisher effect $($IFE$)$ holds between the United States and the United Kingdom. The U$.$S$.$ inflation is expected to be $5$ percent, while British inflation is expected to be $3$ percent. The interest rate offered on pounds is $7$ percent, and the U$.$S$.$ interest rate is $7$ percent. What does this say about real interest rates expected by British investors?

a$.$IFE doesn't hold in this case because the U$.$S$.$ inflation is higher than the British inflation, but the interest rates offered in both countries are equal.

b$.$Real interest rates expected by British investors are $2$ percentage points above the real interest rates expected by U$.$S$.$ investors.

c$.$Real interest rates expected by British investors are equal to the interest rates expected by U$.$S$.$ investors.

d$.$Real interest rates expected by British investors are $2$ percentage points lower than the real interest rates expected by U$.$S$.$ investors.