Refer to Table 1. Assume U.S. dollar (USD) is the home currency. Please keep four decimals in solving the problems. Table 1 Yen: Spot and Forward (YEN/USD) Spot Mid Rates 137.58 Forward Rates 1 Month 6 Months Pound: Spot and Forward (SGD/USD) Bid 137.56 Ask 137.6 Mid Rates Bid Ask 1.3528 1.3526 1.3530 -16 -13 -130 -122 21 24 151 159 a) b) c) d) e) Based on the mid rates, what is the current spot rate between SGD and USD in a direct quote? (2 marks) What is the outright one-month forward bid price for U.S. dollar in Japanese yen (quoted in yen/USD)? (2 marks) If you plan to use SGD to buy USD six months later, what is the relevant exchange rate in SGD/USD? (2 marks) 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) What is the bid-ask spread for the 1-month forward rates between SGD and USD? Interpret the spread. (3 marks)