The table below shows the 90-day forward rate on the South African rand per US Dollar. Currency Spot Rate 1 month 3 month South Africa (rand) 7.7840 7.8330 7.9263 Note: The exchange rate quote in the above table is a direct quote for South African rand. i) Is the dollar at a forward discount or premium on the rand? EV (5 marks) ii) Suppose that you expect to receive 100,000 rand in three months, determine how many dollars this is likely to be worth?