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|Suppose you can buy a Mini Cooper car purchased in London, England for 17,865 or in Philadelphia, United States for $23,495. Suppose the current exchange rate between the U.S. dollar and British pound is E - $1.5441/ a. Calculate the real exchange rate the London Mini Cooper per Philadelphia Mini Cooper. Interpret this value. Based on your answer to part (a), are Mini Coopers relatively more expensive in Philadelphia or in London? Explain Now suppose that pound depreciates to E relative price of a Mini Cooper cheaper, Philadelphia or London? Explairn b. c. $1.2014/E. Compute the new real exchange rate. Where is the