Suppose that the interest rate an investor could earn in India is 10%. Suppose also that the Rupee-Dollar exchange rate today is 84/$. If the forwardrate for one year from today is 88/$, what must the US interest rate be?

Hint: to get the exact answer, donot use the approximation for the covered interest parity, but rather the exact relationship.

Again, Canvas is going to expect a numerical answer, so please do not include a "%" sign in your answer, but pleasedo phrase your answer as percentage, not a decimal fraction (e. g., if you get 0.17 [which would not be correct!], you would write it as "17," not "0.17")