In U.K. nominal interest rate is 9% and inflation rate is 7% while in the U.S. nominal interest rate is 8% and inflation rates is 5%. The current spot rate for the British Pound (GBP) is $2.1867

Calculate the expected value of British pound in U.S. dollars in one year based on Purchasing Power Parity (PPP). Be sure to show the formula used and the details of your calculations and to keep at least four digits after decimal point.