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 2% and in the euro zone the oneyear interest rate is 6%. The one-year forward exchange rate is $1.20=1.00; what must the spot rate be to eliminate arbitrage opportunities? $1.2471=1.00$1.20=1.00$1.1547=1.00 none of the above