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The inflation rates in the U.S. and France in January 1991 were expected to be 4% per annum and 7% per annum, respectively. If

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The inflation rates in the U.S. and France in January 1991 were expected to be 4% per annum and 7% per annum, respectively. If the current spot rate that day was $.1050, then the expected spot rate in three years was

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