4 In the ‘Market Rates’ column of the Financial Times of 3 October 2007, the three-month interest rate on sterling was quoted as 6.22 per cent; the three-month rate on US dollars was given as 5.22 per cent. On the same day, the spot rate of exchange for the pound against the dollar was: . On the assumption of perfect interest parity what would one have expected the forward premium/discount on sterling to have been? Why might the actual figure have been different from this?