It is September 20, 2022. A US company expects to receive 1.5 million British pounds at the end of April 2023. The company shorts 24 June British pounds futures contracts on September 20 . One contract is for the delivery of 62,500 British pounds. When the British pounds are received at the end of April, the company closes out its position. Suppose that the futures price on September 20 is $1.15/ and that the spot and futures prices when the contract is closed out are $1.20/ and $1.225/, respectively. Compute the effective exchange rate ($/) for the company