The price of a forward today is $1000, and it expires in one year. The forward is on Google stock, and after one year, Google is at $1495.

What's the profit at expiration for the buyer of this forward?

Select one:

a. $100

b. $1000

c. -$1000

d. $495

e. -$495

2..True or False: FRA stands for "Forward Rate Agreement", and this is only for interest rate forwards.

Select one: True False

3.. What's the main difference between a future and a forward?

Select one:

a. Futures are traded on an exchange, forwards are not.

b. Forwards are "marked to market"; futures are not.

c. There is no difference between a future and a forward.

d. Forwards are for exchanges outside the United States.

When a forward is first created, its value is zero.

Select one:

True

False