Go to the St. Louis Federal Reserve FRED database and find data on the exchange rate of U.S. dollars per British pound (DEXUSUK). A Mini Cooper can be purchased in London, England, for £17,865 or in Boston, United States, for $23,495.

a) Use the most recent exchange rate available to calculate the real exchange rate of London Mini per Boston Mini.

b) Based on your answer to part (a), are Mini Coopers relatively more expensive in Boston or in London?

c) What price, in British pounds, would make the Mini Cooper equally expensive in both locations, all else being equal?