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Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $12,200 or SF18,300

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Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $12,200 or SF18,300 in three months. Baltimore Machinery effectively gave the Swiss client a free option to buy up to $12,200 using Swiss francs. What is the "implied" exercise exchange rate? (Round your answer to 4 decimal places.)

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