Suppose that the spot exchange rate for Japanese yen is ¥122/$ and that the one-year forward exchange rate for Japanese yen is ¥130/$. The one-year interest rate in the United States is 5%. Assuming IRP holds, what is the interest rate in Japan? (HINT: Use the formal equation for IRP.) a. 1.67% b. 3.28% c. 6.56% d. 11.89%