You have just landed in the Kuwaiti International Airport, located in Farwaniya. Your host, who is a knowledgeable Finance Ministry official, told you in a rather unhappy way that the KWD (Kuwaiti dinar) has depreciated by 10% against the USD over the past 12 months. You recall having read the Wall Street Journal earlier in the day that the U.S. nominal interest rate is 2%, and based on what you know about the International Fisher Effect, the Kuwaiti nominal interest rate must be _ _%. [Assumptions: 1) Use the approximate formula, 2) currency of interest is the KWD] 02 10 12 08