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Given a futures price of US$ 1.12 per Euro for a one-year foreign exchange futures contract to buy Euro, a spot exchange rate of US$

Given a futures price of US$ 1.12 per Euro for a one-year foreign exchange futures contract to buy Euro, a spot exchange rate of US$ 1.1 per Euro, and a financing rate in US$ of 3% per year, what is the annual financing rate in Euros? All rates are annual and continuously compounded.

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