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Answer all questions in the answer booklet provided. QUESTION 1 (25 marks) (a) You are given with the following information: Chapter Today's Date 3-month KLIBOR (spot) 6-month KLIBOR (spo) September 3-month KLIBOR futures is now quoted at 92.50 23rd June 2017 7% pa. (90 days till 24 September 2017) 8% pa. (180 days till 23rd December 2017) Calculate the limplied forward rate (IFR for the 3-month period from September to (6 marks) December. Is there any arbitrage opportunity in the above situation? If there is, show the (8 marks) arbitrage strategy (b) Briefly explain two ways in which the interest rate futures contracts can be used for (6 marks) hedging. (c) Explain what is meant by a tick. Show what makes 1 tick of the 3-month KLIBOR (5 marks) futures equivalent to RM25