Suppose the 5-year interest rate on a dollar denominated pure discount bond is 4.5% p.a. and the interest rate on a similar pure discount euro-denominated bond is 7.5% p.a. If the current spot rate is...

Suppose the 5-year interest rate on a dollar denominated pure discount bond is 4.5% p.a. and the interest rate on a similar pure discount euro-denominated bond is 7.5% p.a. If the current spot rate is $1.08/€ what forward exchange rate prevents covered interest arbitrage?