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Suppose the interest on Russian government bonds is 7.4%, and the current exchange rate is 27.5 rubles per dollar. If the forward exchange rate is

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Suppose the interest on Russian government bonds is 7.4%, and the current exchange rate is 27.5 rubles per dollar. If the forward exchange rate is 28.0 rubles per dollar, and the current U.S. risk-free interest rate is 4.4%, what is the implied credit spread for Russian government bonds? The risk-free ruble interest rate is %. (Round to two decimal places.)

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