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This morning you agreed to buy one-year Treasury bond in six months. The bond has a face value or RM1,000. Use the spot interest rates listed as follows to answer the question:
Time EAR (%)
6 months (3.61)
12 months (4.05)
18 months (4.73)
24 months (5.42)
Problem (a) Calculate the forward price of this contract.
Problem (b) Suppose shortly after you purchased the forward contracts all rates increased by 30 basis points. For example, the six-month rate increased from 3.61 to 3.91. Calculate the price of forward contract otherwise identical to yours given these changes.
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