In period 0, there is a permanent unanticipated monetary expansion in the unified monetary model. You are given the following information on the values of variables in periods 0 to 3: UK interest rates: 1% 2.4% 3.4%, 5% US interest rates: 5%, 5%, 5%, 5% LR expected future spot rate (before shock, in natural logs): efe = 1 LR expected future spot rate (after shock, in natural logs): efe = 1.2 UK interest rates were initially equal to 5%. Find the spot rate, e, in period 1. State your answer to 2 decimal places