Question content area Part $1$ If the price level recently increased by $17\%$ in England while falling by $5\%$ in the United$$ States, what must be the new exchange rate if PPP$$ holds? Assume that the current exchange rate is $\mathrm{.}59$ pound per dollar. The new exchange rate must be enter your response here pound per dollar. $($Round your response to two decimal$$ places.$)$