U.S. and Colombia have an intense trade relationship and share the same real interest rate, equal to 3%. You are told that the expected inflation over the next 90 days is 6 percent for U.S. and 21 percent in Colombia. The forward rate, as indicated in a 90-day currency forward contract on the Colombian currency, is valued at $.40. Interest rate parity holds. Based on this information, can you determine the spot rate of the Colombian currency? If so, compute it. If not, explain why.

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