Two countries, the US and England, produce only one good, wheat. Suppose the price of wheat is $2.25 per pound in the US, and 1.15 pounds in the UK. According to the law of one price, what should the $:pound spot exchange rate be? Suppose the price of wheat over the next year is expected to rise to $2.50 in the US and to 1.25 pounds in the UK. What should the one-year $:pound forward rate be?