Suppose that the spot exchange rate between the British pound sterling and the U.S. dollar has changed from $1.3828/ at the beginning of Year 0 to $1.3158/ at the end of Year 5. Assume that the annual rate of inflation during the five-year period is 4% in the United Kingdom and 2% in the U.S., respectively. If the purchasing power parity (PPP) theory (relative version) held during the five-year period, what would be the PPP exchange rate at the end of Year 5?

		$1.449959/
		$1.254855/
		$1.315800/
		$1.382800/