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Assume that the monthly interest rate in the UK is 6% and in the US 12%. Further, assume that the current spot rate is 2.00

Assume that the monthly interest rate in the UK is 6% and in the US 12%. Further, assume that the current spot rate is 2.00 dollars per pound ($ per Pound). Calculate the one-month forward rate using the approximate CIRP condition.

Answer is 2.01. However, my calculations and the answer on chegg is 2.12. Please show work and explain how you came to the answer. Thank you

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