Expected Exchange Rate Under PPP

Consider a scenario where the U.S. dollar (USD) is expected to depreciate against the Euro (EUR) over the next year due to differing inflation rates between the two economies. The current spot exchange rate is 1.20 USD/EUR, and the expected inflation rate in the U.S. is 3% while in the Eurozone it is expected to be 1% for the same period. Assuming Purchasing Power Parity (PPP) holds, what would the expected exchange rate after one year be?