Which one of the following is true

- According to interest rate parity, the interest rate differential must be equal to the differential between forward and spot exchange rates.

- Forward contracts are standardized contracts sold in organized exchanges.

- If real interest rates are different across countries, investors will shift their money into countries with high real interest rates.

-Transaction risk can usually be identified and hedged.

- Forward rates are always equal to the actual future exchange rates.

-If the yen is trading at a forward discount relative to the dollar, then you'll receive less yen per dollar in the future.