On April 22, 2024 the exchange rate between the Turkish Lira and U.S. dollar was EL/$ = 32.59. The consensus forecast for the U.S. and Turkish inflation rates for the next 1-year period is 3.5% and 65%, respectively. Assuming that relative PPP holds between Turkey and the US, what would you forecast the exchange rate to be on April 22, 2025? Question 2 1. According to the Big-Mac Index produced by The Economist (https://www.economist.com/big- mac-index) published in January 24, 2024, which are the two most overvalued curren- cies against the US dollar in December 2023, and which are the two most undervalued currencies against the US dollar? Explain briefly how this over- or undervaluation metric is calculated