Assume the U.S. interest rate is .075, the New Zealand interest rate is 0.049, the spot
rate of the NZ$ is $0.57, and the one‑year forward rate of the NZ$ is $.50. At
the end of the year, the spot rate is $0.43. Based on this information, what is
the effective financing rate for a U.S. firm that takes out a one‑year,
uncovered NZ$ loan?