As a foreign exchange trader at Sumitomo Bank, you have a customer who would like spot and 30-day for- ward yen quotes on Australian dollars. Current market rates are as follows:

Spot

121.3785/U.S.$1

A$1.187898/U.S.$1

30-day

1513

026

a. What bid and ask yen cross rates would you quote on spot Australian dollars?

b. What outright yen cross rates would you quote on 30-day forward Australian dollars?

c. What is the forward premium or discount on buying 30-day Australian dollars against yen delivery?