A 1-year, 4 percent pound denominated bond sells at par. A comparable risk 1-year, 5.5 percent pound/dollar dual-currency bond pays $2,000 at maturity per 1,000 of face value. It sells for 900. What is the implied direct $/ exchange rate at maturity?

Select one:

a. 0.4405/$1.00b. $1.2048/1.00c. $2.2701/1.00d. $2.0000/1.00