17. Which one of the following is N A. Zero Cost B. Zero Risk wing is NOT on the checklist to determine arbitrage opportunity C. Arbitrage Profit D. Law of One Price E. All above are on the checklist 18. Suppose you enter a Japanese Yen currency futures contract, and the contract size is 100.000 Yen. The futures price is 0.80SD/Yen. If the next day. the futures price changes to 0.9USD/Yen, what is the long party's payoff? A 10,000 USD | 8 - 10,000 USD C10,000 Yen D. -10,000 Yen E. None above 19. Which one of the following derivative user expect the underlying price (or rate) to drop? A. Long party of a forward B. Long party of a future C. Long party of a FRA D. Short party of a FRA E. None above 20. A US-based exporter anticipated receiving 100 million in six months, and took a short forward position, locking-in an exchange rate of $1.38/. If six months later at maturity, the exporter calculates that she has made a profit of $2 million from the currency forward contract, the spot exchange rate at maturity must be A. $0.50/ B. $1.36/ C. $1.40/ D. $2.00/ E. None above