On February 4 of a particular year, the spot rate

for U.S. dollars ($) expressed in euros () was

$0.7873/. The U.S. interest rate (compounded

semiannually) was 5.36 percent, whereas the euro

interest rate (compounded semiannually) was

3.11 percent. From a European perspective, what

should be the forward rate of a contract that

expires September 4? (Assume that each month

is one-twelfth of a year.)