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One year ago the spot rate of U.S. dollars for Canadian dollars was $1.2/C$1. Since that time the interest rate in the U.S. has been

One year ago the spot rate of U.S. dollars for Canadian dollars was $1.2/C$1. Since that time the interest rate in the U.S. has been 4% greater than that in Canada. What is the current spot exchange rate of U.S. dollars for Canadian dollars? Show your work.

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