QI$.$ A customer wishes to do a swap deal with a bank in which he buys GBP spot against ZAR and sell GBP

$3$ months forward against ZAR. There are no active forward markets. However $3$M money market interest

rates in GBP are $6\mathrm{.}25/6\mathrm{.}50$ and in ZAR are $14\mathrm{.}50/15\mathrm{.}00.$ Current GBPZAR spot, which is the price of GBP

in terms of ZAR, is $15\mathrm{.}6500/15\mathrm{.}6520.$ What forward rate should the bank quote to break even? $($Note: All

rates provided as bid$-$ask quotes$)$