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hello, in the lecture note, there is a question as follows:
Example 4
Y is due to receive $150,000 in 3 months time.
Spot $/£ 1.5326 – 1.5385
3m forward 0.62 – 0.51 c pm
How much will Y receive?I do not understand why we should minus this 0.51c from the spot rate, why not add to the spot?
Please help with this,I explain the reason for this in my free lectures working through this (and all the other examples).
(There is no point in using the notes without watching the lectures that go with them because they are only lecture notes. It is in the lectures that I explain and expand on the notes.)
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