Assume that annual interest rates are 6 percent in the United States and 4 percent in Switzerland. A financial institution can borrow (by issuing CDs) or lend (by purchasing CDs) at these rates. The spot rate is $1.01/CHF (Swiss Franc). Calculate the forward rate at which a no- arbitrage situation occurs. Explain the above result. Which currency is expected to appreciate according to the forward market? Edit Format Table 12pt Paragraph BIVATO YEYE