Use the spot rates and 90-day market interest rates listed, calculate the 90-day forward rates for the following exchange rates: Formula: IRP a b. Brazil real/US dollar. South African rant/US dollar South African rant/Brazil real c. Trade balance Current-account balance Currency units Budget balance Interest rates Country latest 12 months, $bn % of GDP, 2020* Oct 19th, per $ year ago, per $ % of GDP 2020* 3-month latest 10-year government bonds, latest 0.78 3.11* 0.21 -2.2 1.7 7.08 2.83 2.5 6.69 105 0.77 108 0 0 0.78 -1.5 -2.1 -15.3 -5.6 -10.6 -18.9 -13 -11.3 -7.2 -11.6 0.05 0.38 0.24 0.6 1.32 0.85 1.31 0.9 -1 0 0 0.85 0.9 0 0 5.4 2.6 0.85 0.9 0 latest 12 months, $bn -850.2 Aug +452.9Sep -1.4 Aug -109.5 Aug -18.5 Aug -74.9 Aug +205.2 Aug +64.0 Aug +111.7 Aug -46.4Sep +49.1Aug -95.4 Sep +12.2 Sep +38.2 Sep +19.2 Aug +54.3 Sep +17.6 Aug 108.42019 +10.0 Aug 1.8 77 63 -4.3 United States China Japan Britain Canada France Germany Italy Russia Turkey Australia India Indonesia South Korea Argentina Brazil Mexico Saudi Arabia South Africa 3.98 -508.0Q2 +157.222 +147.4Aug -76.102 -31.802 -42.6 Aug +256.6 Aug +58.6Aug +35.303 -23.2 Aug +24.302 +10.202 -22.202 +59.1 Aug +4.602 -25.4Aug +0.402 -2.102 0.72 6.21 13 -4.1 7.89 -5.6 14 5.86 1.47 1.3 1.41 -7.6 -7.9 0.05 3.25 0.75 5.94 0.9 71 -1.1 4.3 6.62 73 14,695 1,142 77 3 14,148 1,186 58 -7.1 -5.8 -10 1.44 0.65 32 2.2 na -0.7 5.6 4.14 -15.7 5.07 2.07 0.4 19 4.53 5.81 21 3.75 -4.5 -10 3.75 0.85 na -4.7 -2.3 -5.302 16 14 -16 3.33 9.28 *indicates forecasted/expected values 2021* 3.6 7.3 1.7 7.2 4 7.1 4.6 Industrial production, % change on a year ago latest -7.3 Sep +6.9 Sep -13.8 Aug -6.3 Aug -7.8Jul -6.2 Aug -10.0 Aug -0.3 Aug -5.0 Sep +16.0 Aug -2.1Q2 -8.0Aug +2.0 Feb -3.0 Aug -4.6 Aug -2.6 Aug -9.0 Aug Country United States China Japan Britain Canada France Germany Italy Russia Turkey Australia India Indonesia South Korea Argentina Brazil Mexico Saudi Arabia South Africa Gross domestic product, % change on a year ago latest quarter* 2020* -9.0Q2 -31.4 -4.6 +4.9Q3 11.2 1.9 -9.902 -28.1 -6.4 -21.5Q2 -58.7 -10.6 -13.0Q2 -38.7 -5.8 -18.9Q2 -44.8 -10.2 -11.302 -33.5 -5.8 -18.0Q2 -42.8 -10.4 -8.0Q2 na -5.7 -9.902 na -3.9 -6.3Q2 -25.2 -4.5 -23.902 -69.4 -8.5 -5.302 na -2.2 -2.8Q2 -12 -1.5 -19.102 -50.7 -11 -11.402 -33.5 -5.2 -18.702 -52.7 -9.1 0.32019 na -5.2 -17.102 -51 -8 5.8 Unemployment rate, % latest 7.9 Sep 3.8Q2* 3.0 Aug 4.5Jul* 9.0 Sep 7.5 Aug 4.4Aug 9.7 Aug 6.4Aug* 13.4Jul* 6.9 Sep 6.7 Sep 5.0Q1* 3.6 Sep* 13.102* 13.8Jul* Consumer prices, % change on a year ago latest year ago 2020* +1.4Sep 1.7 1.1 +1.7 Sep 3 2.9 +0.2 Aug 0.2 nil +0.2 Aug 1.7 0.6 +0.1 Aug 1.9 0.7 nil Sep 0.9 0.7 -0.2 Sep 1.2 0.5 -0.6 Sep 0.3 nil +3.7 Sep 4 3.4 +11.7 Sep 9.3 11.7 -0.302 1.6 0.5 +7.3 Sep 4 5.2 +1.4Sep 3.1 1.9 +1.0 Sep -0.4 0.5 +36.6* na 41.7 +3.1 Sep 2.9 2.8 +4.0Sep 3 3.4 +5.7 Sep -1.4 3.4 +3.0 Aug 4.3 3.3 3 3.6 1.6 6.7 4.3 2.9 6 3 3.3 2 na 3.3 Mar 9.0Q2 23.302* 1.5 -9.2 Aug *indicate forecasted/expected values Interest Rate Parity (IRP): Using a 90-day forward contract as an example 1 + SF/S 90 SSFIS x 11 90 SF x 360 90 360 S 1 + FSFS 20 = 90-day forward contract iSF = foreign interest rate: i$= domestic interest rate: Use the spot rates and 90-day market interest rates listed, calculate the 90-day forward rates for the following exchange rates: Formula: IRP a b. Brazil real/US dollar. South African rant/US dollar South African rant/Brazil real c. Trade balance Current-account balance Currency units Budget balance Interest rates Country latest 12 months, $bn % of GDP, 2020* Oct 19th, per $ year ago, per $ % of GDP 2020* 3-month latest 10-year government bonds, latest 0.78 3.11* 0.21 -2.2 1.7 7.08 2.83 2.5 6.69 105 0.77 108 0 0 0.78 -1.5 -2.1 -15.3 -5.6 -10.6 -18.9 -13 -11.3 -7.2 -11.6 0.05 0.38 0.24 0.6 1.32 0.85 1.31 0.9 -1 0 0 0.85 0.9 0 0 5.4 2.6 0.85 0.9 0 latest 12 months, $bn -850.2 Aug +452.9Sep -1.4 Aug -109.5 Aug -18.5 Aug -74.9 Aug +205.2 Aug +64.0 Aug +111.7 Aug -46.4Sep +49.1Aug -95.4 Sep +12.2 Sep +38.2 Sep +19.2 Aug +54.3 Sep +17.6 Aug 108.42019 +10.0 Aug 1.8 77 63 -4.3 United States China Japan Britain Canada France Germany Italy Russia Turkey Australia India Indonesia South Korea Argentina Brazil Mexico Saudi Arabia South Africa 3.98 -508.0Q2 +157.222 +147.4Aug -76.102 -31.802 -42.6 Aug +256.6 Aug +58.6Aug +35.303 -23.2 Aug +24.302 +10.202 -22.202 +59.1 Aug +4.602 -25.4Aug +0.402 -2.102 0.72 6.21 13 -4.1 7.89 -5.6 14 5.86 1.47 1.3 1.41 -7.6 -7.9 0.05 3.25 0.75 5.94 0.9 71 -1.1 4.3 6.62 73 14,695 1,142 77 3 14,148 1,186 58 -7.1 -5.8 -10 1.44 0.65 32 2.2 na -0.7 5.6 4.14 -15.7 5.07 2.07 0.4 19 4.53 5.81 21 3.75 -4.5 -10 3.75 0.85 na -4.7 -2.3 -5.302 16 14 -16 3.33 9.28 *indicates forecasted/expected values 2021* 3.6 7.3 1.7 7.2 4 7.1 4.6 Industrial production, % change on a year ago latest -7.3 Sep +6.9 Sep -13.8 Aug -6.3 Aug -7.8Jul -6.2 Aug -10.0 Aug -0.3 Aug -5.0 Sep +16.0 Aug -2.1Q2 -8.0Aug +2.0 Feb -3.0 Aug -4.6 Aug -2.6 Aug -9.0 Aug Country United States China Japan Britain Canada France Germany Italy Russia Turkey Australia India Indonesia South Korea Argentina Brazil Mexico Saudi Arabia South Africa Gross domestic product, % change on a year ago latest quarter* 2020* -9.0Q2 -31.4 -4.6 +4.9Q3 11.2 1.9 -9.902 -28.1 -6.4 -21.5Q2 -58.7 -10.6 -13.0Q2 -38.7 -5.8 -18.9Q2 -44.8 -10.2 -11.302 -33.5 -5.8 -18.0Q2 -42.8 -10.4 -8.0Q2 na -5.7 -9.902 na -3.9 -6.3Q2 -25.2 -4.5 -23.902 -69.4 -8.5 -5.302 na -2.2 -2.8Q2 -12 -1.5 -19.102 -50.7 -11 -11.402 -33.5 -5.2 -18.702 -52.7 -9.1 0.32019 na -5.2 -17.102 -51 -8 5.8 Unemployment rate, % latest 7.9 Sep 3.8Q2* 3.0 Aug 4.5Jul* 9.0 Sep 7.5 Aug 4.4Aug 9.7 Aug 6.4Aug* 13.4Jul* 6.9 Sep 6.7 Sep 5.0Q1* 3.6 Sep* 13.102* 13.8Jul* Consumer prices, % change on a year ago latest year ago 2020* +1.4Sep 1.7 1.1 +1.7 Sep 3 2.9 +0.2 Aug 0.2 nil +0.2 Aug 1.7 0.6 +0.1 Aug 1.9 0.7 nil Sep 0.9 0.7 -0.2 Sep 1.2 0.5 -0.6 Sep 0.3 nil +3.7 Sep 4 3.4 +11.7 Sep 9.3 11.7 -0.302 1.6 0.5 +7.3 Sep 4 5.2 +1.4Sep 3.1 1.9 +1.0 Sep -0.4 0.5 +36.6* na 41.7 +3.1 Sep 2.9 2.8 +4.0Sep 3 3.4 +5.7 Sep -1.4 3.4 +3.0 Aug 4.3 3.3 3 3.6 1.6 6.7 4.3 2.9 6 3 3.3 2 na 3.3 Mar 9.0Q2 23.302* 1.5 -9.2 Aug *indicate forecasted/expected values Interest Rate Parity (IRP): Using a 90-day forward contract as an example 1 + SF/S 90 SSFIS x 11 90 SF x 360 90 360 S 1 + FSFS 20 = 90-day forward contract iSF = foreign interest rate: i$= domestic interest rate