Suppose 90-day investments in Europe have a 5% annualized return and a 1.25% quarterly (90-day) return. In the United States, 90-day investments of similar risk have a 7% annualized return and a 1.75% quarterly return. In todays 90-day forward market, 1 euro equals $1.32. If interest rate parity holds, what is the spot exchange rate ($/)?