3. Consider a 3-month forward contract on the British pound (GBR). The USD and GBP interest rates are 2.3% and 5.6%, respectively (both interest rates are annual rates). The current spot rate is 1.3145($/. a) What is the no-arbitrage 3-month forward rate ($/D? (Keep in mind that the time to maturity for the forward contract is 3 months). b) Provide the formula for the no-arbitrage forward rate in continuous time. c) Use the formula in (b) to calculate the no-arbitrage 3-month forward rate for GPB ($/ D. (Keep in mind that the time to maturity for the forward contract is 3 months)