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If the covered interest rate parity condition prevails in the foreign exchange market, the current /$ spot exchange rate is 0.70 and the 1-year /$

If the covered interest rate parity condition prevails in the foreign exchange market, the current /$ spot exchange rate is 0.70 and the 1-year /$ forward exchange rate is 0.7070, then is it correct to infer that the US annual interest rate exceeds that of the UK by 1.5%?

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