You have invested in an office building located in NC at a cost of $50 million. You paid for 40% of the building
in cash and financed 60% with an interest only loan. For a variety of reasons you decided to denominate the loan in British pounds. At the time of the loan origination $1 could buy 0.81 British pounds. If you have a clause within your loan stating that your loan-to-value must never exceed 70%, what conversion rate will trigger a defau? For simplicity, assume that the value of your property does not change.