The following are quotes for Japanese (JPY) against the dollar (USD) for spot, 1 month forward, 3 months forward, 6 months forward and one year forward. All the rates are quoted as the number of JPY per USD. Spot exchange rate:

Bid rate 128.02 JPY per USD Ask rate 128.06 JPY per USD

Forward points: 1 month forward 12 - 09 3 month forward 46 - 41 6 month forward 102 - 92 1 year forward 204 - 184

Q 1 & Q 2 combined: A customer TBI International inc calls you and ask you for the exchange rate at which they can sell to you 500 mio JPY for delivery 3 months forward.

Q 1: What exchange rate do you quote? Give your answer to 2 decimal places.

Q 2: How many USD will the customer TBI International inc receive in 3 months time in exchange for the 500 mio JPY. Give your answer to the nearest USD.