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Gandalf has a last request for you. The FX desk gave him the following quotes: USD/SGD spot rate 1.3310, MYR/SGD 0.2910, and USD/MYR 12-month forward

Gandalf has a last request for you. The FX desk gave him the following quotes: USD/SGD spot rate 1.3310, MYR/SGD 0.2910, and USD/MYR 12-month forward quote +1,745 points. (b) Determine the USD/MYR spot rate and 12-month forward rate, and briefly interpret in words, what the forward rate means for the Malaysian Ringgit.

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