Calculate the benefit, based on the forward rate agreements, that an investor can derive if his / her expectations of future interest rate movements are verified:

a. 3% after two months

b. 2.8% after three months

c. 2.5% after one month

d. 1% after five months

e. 2.9% after six months

Fowrard rate agreements
Terms	Bid	Ask
1 x 4	2.840	2.860
2 x 5	2.815	2.835
3 x 6	2.795	2.815
4 x 7	2.800	2.820
5 x 8	2.805	2.825
6 x 9	2.815	2.835
1 x 7	2.835	2.855
2 x 8	2.830	2.850
3 x 9	2.825	2.845
4 x 10	2.840	2.860
5 x 11	2.860	2.880
6 x 12	2.885	2.905