For questions 22-25, you are given the following information:

Spot exchange rate (AUD/USD)	1.7662
Australian three-month interest rate	4.85% pa
U.S. three-month interest rate	1.41% pa

22. If CIP holds, what will be the three-month forward exchange rate (AUD/USD), according to the precise CIP formula?

A: AUD/USD 1.8261

B: AUD/USD 1.7083

C: AUD/USD 1.7814

D: AUD/USD 1.7813

E: AUD/USD 1.8268

23. If CIP holds, what will be the interest differential on domestic and foreign assets, according to the precise CIP formula?

A: 0.00857

B: 0.00860

C: 0.01213

D: 0.00353

E: 0.00290

24. If CIP holds, what will be the gross interest differential on domestic and foreign assets, according to the precise CIP formula?

A: 1.01213

B: 1.00353

C: 1.00857

D: 1.00123

E: none of the above.

25: If CIP holds, what should be the AUD/USD three-month forward exchange rate, according to the approximate CIP formula?

A: AUD/USD 1.8261

B: AUD/USD 1.7083

C: AUD/USD 1.7814

D: AUD/USD 1.7813

E: AUD/USD 1.8268