The spot exchange rate is $1.7777/. The risk-free rate is 5% in the United States and 7% in the United Kingdom. What is the forward exchange rate? (Assume a 1-year contract.) Round your answer to four decimal places. Please answer using the following formula: PLEASE SHOW WORK. CORRECT ANSWER SHOULD BE: 0.5732/$

F = the forward price for British pounds, expressed as the number of pounds per dollar, for delivery in n years

S0 = the spot price for British pounds, expressed as the number of pounds per dollar, Q /Q$, at time 0

R$ = the risk-free rate of interest at time 0 for borrowing/lending in U.S. Dollars

R = the risk-free rate of interest at time 0 for borrowing/lending in British pounds

n = number of years until the settlement date of the contract