Suppose that the interest rate on dollar accounts is equal to 2% (i$= 0.02), the interest rate on Polish zloty accounts is equal to 4.5% (iz= 0.045), and the expected exchange rate between the dollar and the zloty one year from now isee= 4 z/$. Assume that the (uncovered) interest parity holds.

What would the spot rate,e, be if the expected exchange rate remains the same and the interest rate on Polish assets declines toiz= 0.02? (Answer in z/$.)