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One-year T-bills have a rate of 3%, while one-year default free Japanese securities have a rate of 1%. In the spot exchange market, 1 yen

One-year T-bills have a rate of 3%, while one-year default free Japanese securities have a rate of 1%. In the spot exchange market, 1 yen equals $0.008. If interest rate parity holds, what is the 1-year forward exchange rate? Show all work.

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