Suppose 90-day investments in Britain have a 6% annualized return and a 1.5% quarterly (90-day) return. In the U.S., 90-day investments of similar risk have a 4% annualized return and a 1% quarterly (90-day) return. In the 90-day forward market, 1 British pound equals $1.65. If interest rate parity holds, what is the spot exchange rate? a. 1 pound =$1.6582 b. 1 pound =$1.0000 c. 1 pound =$1.8000 d. 1 pound =$0.6031 e. 1 pound =$0.8500