inflation

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：

A is correct. First, find the current Sn/GBP exchange rate. Then, find the one-year forward Sn/GBP rate.

1. 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.

2. 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.

中文解析：

A是正确的。首先，找出当前的Sn/GBP汇率。然后，求出一年期远期Sn/GBP汇率。

Sn/GBP = Sn/USD × USD/GBP = 8.50 × 1.6129 = Sn 13.70968/GBP

请注意，1.6129是0.62的倒数，0.62是图表2中给出的英镑/美元汇率。

远期汇率等于即期汇率乘以1 + 1年期索纳汇率除以1 + 1年期英镑汇率。

此时，远期汇率= 13.70968 × 1.065/1.0405 = 14.03249。

另一种方法是将1美元兑换成挪威先令和英镑，然后计算在金岛利率和英国利率下，投资这两种货币一年后的价值。

一年期远期利率将是当时购买1英镑所需的Sn数量。

B是不正确的，因为它使用了不正确的比率。它使用Sn/USD现货汇率和sona /US利率:1.0405/1.065 × 13.70968 = 13.4522。

C是不正确的，因为它使用了Sn/USD即期汇率和sona /US利率:1.065/1.035 × 8.50 = 8.7464。