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Spot USDZAR = 14.500 6MO USD Money Market Rate = 0.50% 6MO ZAR Money Market Rate = 5.50% What is the 6MO USDZAR forward rate?

Spot USDZAR = 14.500

6MO USD Money Market Rate = 0.50%

6MO ZAR Money Market Rate = 5.50%

What is the 6MO USDZAR forward rate? (Recall that money market rates are annualized rates)

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