NO.PZ202208160100000404
问题如下:
Based on Exhibit 2, the one-year forward exchange rate of the Sn/GBP is closest to:选项:
A.Sn14.03/GBP. B.Sn13.45/GBP. C.Sn8.75/GBP.解释:
Solution
A is correct. First, find the current Sn/GBP exchange rate. Then, find the one-year forward Sn/GBP rate.
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Sn/GBP = Sn/USD × USD/GBP = 8.50 × 1.6129 = Sn 13.70968/GBP.
Note that 1.6129 is the inverse of 0.62, which is the GBP/USD exchange rate given in Exhibit 2.
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The forward rate equals the spot rate multiplied by the ratio of one plus the sona one-year rate divided by one plus the pound one-year rate.
In this case, the forward rate = 13.70968 × 1.065/1.0405 = 14.03249.
An alternative approach is to convert USD1 into SN and GBP and determine what an investment in each of those currencies would be worth in one year at the Golden Island and UK interest rates, respectively.
The one-year forward rate will then be the number of Sn required to purchase GBP 1 at that time.
B is incorrect because it uses the incorrect ratio of rates. It uses the Sn/USD spot rate and the sona over US interest rates: 1.0405/1.065 × 13.70968 = 13.4522.
C is incorrect because it uses the Sn/USD spot rate and the sona over US interest rates: 1.065/1.035 × 8.50 = 8.7464.
inflation rate 这个条件用不到?