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A Japanese investor caan earn a 3.25% interest rate in Japan or 2.75% interest in the U.S. The spot exchange rate is 105 yen to

A Japanese investor caan earn a 3.25% interest rate in Japan or 2.75% interest in the U.S. The spot exchange rate is 105 yen to the dollar. At what forward rate would an investor be indifferent between the U.S. and Japanese investments?

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