2. Forward Premiums on the Japanese Yen. Use the fol- lowing spot and forward bid-ask rates for the Japanese yen/U.S. dollar (W/$) exchange rate from October 1, 2014, to answer the following questions: a. What is the mid-rate for each maturity? b. What is the annual forward premium for all maturities? c. Which maturities have the smallest and largest for- ward premiums? Period Y/$ Bid Y/$ Ask spot 109.30 109.32 1 month 109.05 109.09 2 months 108.80 108.90 3 months 107.97 108.34 6 months 107.09 107.40 12 months 103.51 104.19 24 months 96.82 97.35