Question: Question content area Part 1 If the price level recently increased by 1 6 % in England while falling by 3 % in the United

Question content area
Part 1
If the price level recently increased by 16% in England while falling by 3% in the United States, what must be the new exchange rate if PPP holds? Assume that the current exchange rate is 0.51 pound per dollar.
The new exchange rate must be
enter your response here pound per dollar.

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