12. Suppose the spot rates for the euro, British pound, and Swiss franc are $1.52, $2.01, and $0.98, respectively.

The associated 90-day interest rates (annualized)

are 8%, 16%, and 4%; the U.S. 90-day rate (annualized)

is 12%. What is the 90-day forward rate on an ACU (ACU 1 = €1 + £1 + SFr 1) if interest parity holds?