3. Below are 5- and 10-ycar interest rates for the US dollar, Euro (Germany), and South African Rand. USA S. Africa Germany -0.80% Utilize the following formulas for synthetic forward rates: T For directly quoted currencies: ft = S, X 5-yr (1+rUSD 0.40% 7.00% 1+TEUR T 10-yr 0.90% -0.60% 9.00% For indirectly quoted currencies: T = S, 1+rUSD (1+RZAR a. The EUR/USD spot rate is $1.210. Calculate the 5- and 10-year synthetic EUR/USD forward rates. 5-yr synthetic forward EUR/USD $ 10-yr synthetic forward EUR/USD $ b. The USD/ZAR spot rate is 15.00. Calculate the 5- and 10-year synthetic USD/ZAR forward rates. 5-yr synthetic forward USD/ZAR 10-yr synthetic forward USD/ZAR Identify the 10-year synthetic forward rate between the curo and the rand, expressed as EUR/ZAR. 10-year synthetic forward EUR/ZAR