Refer to Table 1. Assume the US dollar is the home currency. Please keep 4 decimals in solving the problems.

1. Based on the mid rates, what is the current spot rate between USD and pound in an indirect quote?(2 marks)
2. What is the outright one-month forward bid price for dollars in Japanese yen (quoted in yen/USD)?(2 marks)
3. If you plan to use USD to buy pound six months later, what is the relevant exchange rate in USD/pound?(2 marks)
4. According to the information provided in Table 1, is the 6-month yen sold at a forward premium or discount against USD? Calculate the premium or discount level per annum using the mid rates and interpret it.(3 marks)
5. What is the bid-ask spread for the 1-month forward rates between USD and pounds? Interpret the spread.(3 marks)