3. The country of Daytona, whose currency is the US. dollar and the country of Prescott have the same real interest rate of 3 percent. The expected inflation over the next year is 6 percent in Daytona yersus 21 percent in Prescott. The oneyear currency futures contract on Prescott's currency [called the pres} is priced at $.33 per pres. What is the spot rate of the pres assuming interest rate parity holds