Andrea Cargill just started as an analyst for Banco Santander in Buenos Aires, Argentina. He received the following quotes for the Argentinian peso against the US dollar for spot and one-month forward. Forward rates are quoted in pips.ARS/$ bid rateARS/$ ask ratespot38.357038.3590One-month forward15201. Calculate outright quotes for one-month bid and ask forward rates.2. Calculate the mid points for the spot and forward rates.3. What is the annual forward premium for the Argentinian peso? Interpret your result briefly.