Royal Caribbean Cruises needs US$1,000,000 for two years to finance working capital. The cruise ship company has two alternatives for borrowing: Borrow $1,000,000 in New York at 5.00% per annum. Borrow JPY 110,000,000 in Tokyo at 0.00% per annum, and exchange the Japanese Yen at the present exchange rate of JPY 110/USD. For both loans, Royal Caribbean will make no payments until the end of two years, when the principal and accumulated interest will be paid. At what ending exchange rate would Royal Caribbean be indifferent between borrowing U.S. dollars and borrowing yen? (please round to 2 decimal places and enter the exchange rate in Yen per dollar)