Suppose that the spot rate for the euro against the US dollar is GBP $1=$$$1\mathrm{.}1500.$ The one$-$year

rate of interest is $2\mathrm{.}5\%$ on the euro and $3\mathrm{.}5\%$ on the US dollar.

Required

$($i$)$ What would you expect the current one$-$year forward rate to be$?$