You have just started working as a trader for Credit Suisse in New York. The following are quotes for Japanese (JPY) against the dollar (USD) for spot, 1 month forward, 3 months forward, 6 months forward and one year forward. All the rates are quoted as the number of JPY per USD.

Spot exchange rate: The bid rate is 128.02 JPY per USD Ask Rate is 128.06 JPY per USD

Forward points: 1 month forward 12 - 09 3 months forward 46 - 41 6 months forward 102 - 92 1 year forward 204 - 184

Q 1 & Q 2 combined: A customer TBI International inc calls you and asks you for the exchange rate at which they can sell to you 500 Mio JPY for delivery 3 months forward.

Q 1: What exchange rate do you quote? Give your answer to 2 decimal places.

Q 2: How much USD will the customer TBI International inc receive in 3 months' time in exchange for the 500 Mio JPY? Give your answer to the nearest USD.