Your company will receive AUD2,000,000 in 90 days. To convert this amount into USD, you contact a bank to sell AUD forward. Here is the information you got:

90 day forward rate: AUD1 = USD0.85
Today spot rate: AUD1 = USD0.90

After 90 days, market spot rate is AUD1 = USD0.92

90 day Forward rate premium/discount is

_____%

I GOT THIS ANSWER WRONG IT ISN'T 5.56%
I DID IT THIS WAY

Also, I posted this yesterday & ? got the same answer I have.

0.85 - 0.09/0.90 * 100 = -5.5555
= 5.56

Please answer and show what you did so I can see what I did wrong.