Assume that interest rate parity holds the spot rate for, Financial Management

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Assume that interest rate parity holds the spot rate for

Assume that Interest Rate Parity holds. The spot rate for the Euro is $1.22 and the one year forward rate is $1.25. The annual rate of interest in France on annual deposits is 3.439%. What is the annual rate of interest on deposits in the United States? Also, please do not approximate.

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