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The current spot rate is Ringett 2.5/SF. The expected spot rate in one year is Ringett 2.8/SF. The current Swiss interest rate is 8%. What Malaysian interest rate will cause IFE to hold?

The correct answer is 12.32%. I left this problem blank because I followed this formula:
S1-S2/S2 = i$-iyen/1+iyen

(Note the Yen and USD symbols are used as just an example) In this math problem I would have to use the ringett and the SF (swiss franc).