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The spot Euro - dollar exchange rate for US dollars is 0 . 8 5 and the eighteen month forward exchange rate is 0 .

The spot Euro $-$ dollar exchange rate for US dollars is $0.85$ and the eighteen month forward exchange rate is

$0.88,$ both stated using the Euro as numeraire currency. The eighteen month interest rate for US dollar accounts

is $3.2 %$ per annum. What is the eighteen month interest rate of Euro $-$ currency accounts?

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