Page 21 - Demo

%u062c%u0645%u064a%u0639 %u0627%u0644%u062d%u0642%u0648%u0642 %u0645%u062d%u0641%u0648%u0638%u0629 %u0640 %u0627%u0625%u0644%u0639%u062a%u062f%u0627%u0621 %u0639%u0649%u0644 %u062d%u0642 %u0627%u0645%u0644%u0624%u0644%u0641 21 %u0628%u0627%u0644%u0646%u0633%u062e %u0623%u0648 %u0627%u0644%u0637%u0628%u0627%u0639%u0629 %u064a%u0639%u0631%u0636 %u0641%u0627%u0639%u0644%u0647 %u0644%u0644%u0645%u0633%u0627%u0626%u0644%u0629 %u0627%u0644%u0642%u0627%u0646%u0648%u0646%u064a%u0629Answer:A. If you believe that the spot exchange rate will be $1.11/%u20ac in three months, you should buy the Euros forward for $1.10/%u20ac. Your expected profit will be:= %u20ac2,000,000 x ($1.11 -$1.10) =$20,000.B. If the real spot exchange rate will be 1.08 after three months, the expected losses from your speculation of 2,000,000 will be:= %u20ac 2,000,000 x ($1.08-$1.10) = $(-40,000).Example:- Calculate the one-, three-, and six-month forward premium or discount for the British pound in American terms using the most current quotations. For simplicity, assume each month has 30 days.Spot 1.5272One-Month 1.5242Three-Month 1.5188Six-Month 1.5104Solution: The formula we want to use is:fN,%u00a3v$ = [(FN($/%u00a3) - S($/%u00a3))/S($/%u00a3] x 360/Nf1,%u00a3v$ = [(1.5242 - 1.5272)/1.5272] x 360/30 = -.0236 f3,%u00a3v$ = [(1.5188 - 1.5272)/1.5272] x 360/90 = -.0220 f6,%u00a3v$ = [(1.5104 - 1.5272)/1.5272] x 360/180 = -.0220