Assume that interest rate parity holds and that 90-day risk-free securities yield a nominal annual rate of 6% in the United States and a nominal annual rate of 6.61% in the United Kingdom. In the spot market, 1 pound = $1.41.

1. What is the 90-day forward rate? Do not round intermediate calculations. Round your answer to the three decimal places.
2. Is the 90-day forward rate trading at a premium or a discount relative to the spot rate?