The spot rate on the yen was JPY360/USD in 1971 and JPY75/USD in 2011. This means over the 40-year period, the value of the yen changed by and the value of the dollar changed by Formulas % change for the currency in the denominator = (E-B)/B x 100 % change for the currency in the numerator = (B-EVE x 100 380%, -79.17% -79.17%, 380% -79.17%, 79.17% 132.9%, -83.7% 92.2%, -92.2% If the spot rate on the euro is USD1.4200/EUR and the 6-month forward rate is USD1.4123/EUR, the euro is selling forward against the dollar at a Formula: % change for the currency in the denominator (E-B) x 100 B Formula: % change for the currency in the numerator = (B-1) x 100 E Discount of 0.5423% per annum Discount of 2.1690% Discount of 1.0845 per annum Premium of 6.5070% per annum Premium of 2.1898% per annum