14. Suppose the interest rate on Russian government bonds is 8.2%, and the current exchange rate is 25.8 rubles per dollar. Assume that the forward exchange rate is 26.5 rubles per dollar, and the current U.S. risk-free interest rate is 4.8%, the implied credit spread for the Russian government bonds is closest to:

Select one:

a. 6.17%

b. 0.56%

c. 3.27%

d. 3.40%