New York Co. has payables of 10 million Australian dollars (AUD) in 1 year. New York Co. plans to hedge its exposure with a forward contract that it will arrange today. Assume Interest Rate Parity (IRP) holds. Following information is available. One-year nominal rate of interest One-year expected inflation Spot exchange rate U.S.A. Australia 4% 10% 2% 8% USD0.60/AUD lation 1) Calculate the forward exchange rate in direct quotation in the United States