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The one-year forward rate of the Japanese Yen is quoted at $1.23, and the spot rate of the Japanese Yen is quoted at $1.26. The

The one-year forward rate of the Japanese Yen is quoted at $1.23, and the spot rate of the Japanese Yen is quoted at $1.26. The forward ____ is ____ percent.

Group of answer choices (with calculations and steps)

discount; 12.4

discount; 2.4

premium; 2.4

premium; 12.4

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