For each question make sure to specify if you are talking about a spot rate, a future rate, or a spot rate at a later date when referring to any exchange rate. 1) PPP 1a) List the equation for PPP 1b) List the variable(s) that are treated as independent 1c) List the variable(s) that are treated as dependent (expected to move based off the above variables) 1d) Explain the logic/theory/reasoning behind PPP 1e) Explain when PPP works best