A currency dealer has good credit and can borrow either $1,000,000 or 800,000 for one year. The one-year interest rate in the U.S. is is = 2%, and in the euro zone, the one-year interest rate is i = 6%. The one-year forward exchange rate is $1.20 = 1.00; what must the spot exchange rate be to eliminate covered interest arbitrage (CIA) opportunities? (ignore transaction costs; All interest rates are annualized by default)