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Suppose the nominal interest rate in the U . S . is 4 % per year, the nominal interest rate in Brazil is 1 2

Suppose the nominal interest rate in the U.S. is 4% per year, the nominal interest rate in Brazil is 12% per year, and today's spot rate is S(SBRL)=0.21. If the International Fisher Effect holds, what are the expected spot rates S($BRL) in three months, 6 months, and 1 year? I
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