p4 Again with SOMAX PLC

Hi John me again I used the average spot and forward and used IRP formula just like the book.
Somax can borrow in Swiss at a rate between 5.75- 6%. when I used 5.75% for the Swiss rate and I end up 7.06 for UK rate unlike the book 8.25% . This is my last question but I stuck with it. Can you help me how what to do. Thx. This is how i tried it.

2.2982=2.3273x (1+.0575/1+uk rate)

2.2982 /2.3273 = 1.0575/1+uk rate
1+uk rate= 1.0706
UK rate 7.06%