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3) CIP: You are told that the current exchange rate on the Russian n S/rouble on the spot market. An investment bank quotes you a

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3) CIP: You are told that the current exchange rate on the Russian n S/rouble on the spot market. An investment bank quotes you a rate of .0310-0316 S/rouble for a 12-month forward exchange contract. Assume that the 12-month investment and borrowing rates in the US are 1% and 1.5% (annual) respectively. What range of risk-free rates in Russia do not allow arbitrage

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