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8. Assume that the 1 year forward exchange rate is 120 yen for 1 US dollar. Interest rate in dollars is 1 percent with annual

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8. Assume that the 1 year forward exchange rate is 120 yen for 1 US dollar. Interest rate in dollars is 1 percent with annual compounding. Interest rate in yen is 0.1 percent with annual compounding. What is the spot exchange rate. Calculate up to 2 decimal points

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