Suppose the annualized interest rate on 180-day Russian Ruble deposits is 4.3125 (bid) - 4.4375 (ask). At the same time, annualized interest rate on 180-day interest rate on 180-day Turkish Lira deposits is 9.125-9.375. Spot and 180-day forward quotes (TRY per RUB) are 0.07915-0.08820 (and 0.07450-0.07950, respectively. Find forward rate such that there is NO arbitrage? 180-day Russian Ruble bank rates 180-day Turkish Lira bank rates Spot (TRY/RUB) Forward (TRY/RUB) BID 4.3125 9.125 0.07915 0.07450 ASK 4.4375 9.375 0.08820