The Wall Street Journal reported the following spot and forward rates for the Swiss franc:
| Spot | $0.7876 |
| 30-day forward | $0.7918 |
| 90-day forward | $0.7968 |
| 180-day forward | $0.8039 |
a. Was the Swiss franc selling at a discount or a premium in the forward market?
b. What was the 30-day forward premium (or discount)?
c. What was the 90-day forward premium (or discount)?
d. Suppose you executed a 90-day forward contract to exchange 100,000 Swiss francs into U.S. dollars. How many dollars would you get 90 days hence?
e. Assume a Swiss bank entered into a 180-day forward contract with Citicorp to buy $100,000. How many francs will the Swiss bank deliver in six months to get the U.S. dollars?
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