The main currency used as transaction by Fairway Private Limited is US Dollars whereas Gram & Sons Limited is using Euro. In 2 years, a payment of 200,509 by Fairway Private Limited has to be made to Gram & Sons Limited. Due to the fluctuations of exchange rate between the Euro and US Dollars the company wishes to fix its payable and receivable in US Dollars . The annual interest rates are 6% and 8% for US Dollars and Euro respectively. The spot exchange rate is 1.25 units of US Dollars per 1 unit of Euro. Calculate the 360-day forward rate by using hedge using money market: (4 Marks)