Assume that 90-day U.S. securities have a 4.5% annualized interest rate whereas 90-day Swiss securities have a 5% annualized interest rate. In the spot market, 1 U.S.

dollar can be exchanged for 1.2 Swiss francs. If interest rate parity holds, what is the 90-day forward rate exchange between U.S. and Swiss francs? (0.8323 $/SFr or 1.2015 SFr/$)