Exact Gravitational Threshold Correction in the FHSV Model

We consider the automorphic forms which govern the gravitational threshold correction $F_1$ in models of heterotic/IIA duality with N=2 supersymmetry in four dimensions. In particular we derive the full nonperturbative formula for $F_1$ for the dual pair originally considered by Ferrara, Harvey, Strominger and Vafa (FHSV). The answer involves an interesting automorphic product constructed by Borcherds which is associated to the ``fake Monster Lie superalgebra.'' As an application of this result we rederive a result of Jorgenson & Todorov on determinants of $\bar \partial$ operators on $K3$ surfaces.