Q 23: You are given the following information as of today: The Turkish LIBOR interest-rate applicable for the next six months is 22% (per annum). The Swiss LIBOR interest-rate applicable for the next six months is 1% (per annum). The spot exchange rate, as of today, for the number of Turkish Lira (TKL) per Swiss Franc (SFR) is 14,300.0 (there are no bid-ask spreads in this question, for simplicity).

According to the International Fisher Effect, what is an unbiased predictor of what the spot exchange rate (TKL per SFR) will be six months from now. Use the exact formula and give the answer to one decimal place. Assume six months = 0.5 years exactly.