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Assume that the spot exchange rate of the British pound is $1.76. How will this spot rate adjust according to PPP if the United Kingdom

Assume that the spot exchange rate of the British pound is $1.76. How will this spot rate adjust according to PPP if the United Kingdom experiences an inflation rate of 7 percent while the United States experiences an inflation rate of 3 percent? Do not round intermediate calculations. Round your answer to three decimal places.

The spot rate would adjust to $

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