Please calculate the correct solution to this question. State the formulas used and show full calculations used to reach the answer. (Responses with poor formatting or insufficient explanation will be returned to Coursehero). Thank you so much.

Assuming the (uncovered) interest parity condition holds, that the foreign interest is 0.03,the domestic interest rate is 0.05 and the expected nominal exchange rate is 1.5,what is the current nominal exchange rate (to two decimal places)