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The ratio of expected spot rate to current spot rate for $/ is 1.02 and the inflation rate in the U.S. is 5%. What is

The ratio of expected spot rate to current spot rate for $/ is 1.02 and the inflation rate in the U.S. is 5%. What is the approximate inflation rate in the United Kingdom?

2.9%

1.3%

4.1%

7.0%

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