Bit size for 1-1/2" pvc

[spes]

Hello,
I thought I would throw this out there,hoping one of you has already done the math for me.
I am going to make some rod holders for my boat using wood frame and sch 40 1-1/2" pvc pipe.
The top and bottom piece of wood are not drilled thru at the outside diameter of the pvc to hold it in place.

My question is,,, what size forstner bit for that?
I test drilled using 1-7/8" that was too tight and cracked the wood trying to persuade it.

So before I go spending $$ on a bit do you think 1-15/16" is the correct bit or do I need some mm size?
Thanks,,,

 

[Jdholmes]

You are only going up 1/16...it's what I would try.

 

[Ringo Steele]

The piece of 1 1/2" sch 40 I have measures ever so slightly less than 1 15/16" outside diameter.