a. Refer below to the currency quotation from Reuters. Calculation is based on 360-days banker's year. US dollar foreign-exchange rates in late New York trading (as at 4PM on Friday January 4th) Country/currency In US$ PerUS$ Australian dollar 0.8705 1.1488 China yuan 0.1375 7.2730 India rupee 0.02543 39.324 Japan yen 0.009220 108.46 1-month forward 0.009250 108.11 3-month forward 0.009306 107.46 6-month forward 0.009378 106.63 UK pound 1.9717 0.5072 1-month forward 1.9700 0.5076 3-month forward 1.9663 0.5086 6-month forward 1.9593 0.5104 Required: i. Calculate 3 month forward premium or discount for Japanese yen (4 marks) ii. Calculate 3 month European term quotation for the Japanese yen. (4 marks)