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Assume that interest rate parity holds. In both the spot market and the 90-day forward market 1 Japanese yen equals 0.0092 dollar. In Japan, 90-day

Assume that interest rate parity holds. In both the spot market and the 90-day forward market 1 Japanese yen equals 0.0092 dollar. In Japan, 90-day risk-free securities yield 4.4%. Assume 360 days per year.

What is the yield on 90-day risk-free securities in the United States? Do not round intermediate calculations. Round your answer to two decimal places.

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