3. The country of Daytona, whose currency is the U.S. 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 versus 21 percent in Prescott. The one-year currency futures contract on Prescotts currency (called the pres) is priced at $.30 per pres. What is the spot rate of the pres assuming interest rate parity holds?

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