Aussie Dollar Forward. Use the following spot and forward bid-ask rates for the U.S. dollar/Australian dollar (US$=A$1.00) exchange rate from December 10, 2010, to answer the following questions:

c. Which maturities have the smallest and largest forward premiums?

\begin{tabular}{lcr} \multicolumn{1}{c}{ Period } & Bid Rate & Ask Rate \\ \hline spot & 0.98510 & 0.98540 \\ 1 month & 0.98131 & 0.98165 \\ 2 months & 0.97745 & 0.97786 \\ 3 months & 0.97397 & 0.97441 \\ 6 months & 0.96241 & 0.96295 \\ 12 months & 0.93960 & 0.94045 \\ 24 months & 0.89770 & 0.89900 \\ \hline \end{tabular} a. What is the mid-rate for each maturity? Calculate the mid-rate for each maturity below: (Round to six decimal places.) b. What is the annual forward premium for all maturities? Calculate the annual forward premium for all maturities below: (Round to four decimal places.)