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Hi John,
Going over pass papers, in reference to December 2014 – PZK part b, how do you know which end of the exchange rates are to be used ( higher or lower range) of the twelve month forward rate to calculate the annual interest rate ?
Shohani
It makes no difference as long as you use the higher in both cases, or the lower in both cases.
(Try using the lower in both cases and you will see that you get exactly the same answer!!)
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