11． spot and 30-day forward exchange rates for the Swiss franc (CHF) are 0.59984 CHF/USD and 0.62734 CHF/USD, respectively. Relative to the USD, the CHF is selling at a forward: A) differential of 275 points. B) annualized discount of 4.38%. C) discount of $0.073. D) premium of $0.073. The correct answer was C) Forward Discount = Forward rate – Spot Rate = (1/0.62734) - (1/0.59984) = -$0.073 Since the forward rate is less than the spot rate, the Swiss franc is selling at a forward discount. Note that although in percentage terms, $0.073/1.667 = -4.38%, when the forward discount is expressed in percentage terms, it is done so on an annualized basis. The correct forward premium expressed as a percentage would be equal to 0.0438 * (360/30) = 52.60%. 12．the 90-day forward rate for the CAD is USD 0.6503, and the spot rate is USD 0.6403, then the annualized premium is: A) 6.25%. B) 1.00%. C) 1.56%. D) 2.60%. The correct answer was A) annualized premium = [(0.6503 - 0.6403)/0.6403]*(360/90) = 0.625 or 6.25%. 13． spot and 30-day forward rates for the Euro are $1.1525 and $1.1015, respectively. The Euro is selling at a forward: A) premium of $0.051. B) discount of $0.051. C) differential of 51 points. D) discount of 0.956%. The correct answer was B) Since the forward date is less than the spot rate, the Euro is selling at a forward discount. The amount of the discount is calculated as follows: Forward Discount = Forward rate – Spot Rate = $1.1015 - $1.1525 = -$0.051. | 
发表于 2008-5-12 12:35
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