Current exchange rates, 6 month forward exchange rates and risk free interest rates are as follows:

Spot Fwd Spot Fwd

Per C$ Per C$ Per US$ Per US$

Australian Dollars 1.23901 1.22891 1.48038 1.47065

British Pounds 0.535174 0.5456 0.639427 0.6495

Canadian Dollars 1.00 1.00 1.1948 1.2231

Euro 0.655924 0.64993 0.783699 0.7811

Suppose interest rate parity holds.

If the current six-month risk-free rate in the United States is 4.4%, what must the six-month risk-free rate be in Britain? (***Carry all decimal places for interim calculations, round final answers to 4 places.***)