The forward rate

Suppose the selling price of the three$-$month forward Japanese yen is $$0\mathrm{.}010506$ per yen, and the spot price is $$0\mathrm{.}010495$ per yen. Complete the

following formula for the per annum percentage premium $($or discount$)$ to calculate what the yen is worth in the three$-$month forward market.

Therefore, the Japanese yen is at a

$"\_$ against the U$.$S$.$ dollar, because it is worth

in the three$-$month forward market than in the

spot market.