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The spot rate between the U.S. dollar and the New Zealand dollar is $1 = NZD1.1867. Assume the interest rate in the United States is

The spot rate between the U.S. dollar and the New Zealand dollar is $1 = NZD1.1867. Assume the interest rate in the United States is 5 percent and in New Zealand is 4 percent.

What should be the 3-month forward exchange rate?

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